India's Legal Fingerprints on the World's Biggest Elevator Deal
How Cyril Amarchand Mangaldas shaped India's role in the historic KONE–TK Elevator combination — Finland's largest-ever transaction and Europe's biggest private equity exit.
When Two Giants Decided to Merge
In a deal that has rewritten the record books — not just for the elevator industry, but for Finnish corporate history and European private equity — KONE Corporation and TK Elevator (TKE) have agreed to combine into what will become the world's largest elevator company by revenue.
The numbers are staggering: a combined installed base of over 2.5 million units, operations spanning more than 70 countries, and a valuation that makes this the single largest transaction in Finland's history. For European private equity, it goes further still — the KONE–TKE combination represents the biggest PE exit the continent has ever seen.
But behind every landmark global transaction lies a web of jurisdictional complexity. And for the Indian chapter of this historic deal, one name stood at the centre: Cyril Amarchand Mangaldas.
The Deal at a Glance
KONE Corporation, headquartered in Espoo, Finland, is a globally recognised name in the elevator and escalator industry — known for its engineering precision, sustainability commitments, and a market presence that spans continents.
TK Elevator, formerly the elevator division of thyssenkrupp, was acquired by a consortium led by Advent International and Cinven — two of the world's most formidable private equity firms. Under their stewardship, TKE grew into a globally competitive business with deep roots across Europe, the Americas, and Asia.
The combination of KONE and TKE is not merely a merger of two companies. It is the convergence of two industry philosophies, two global footprints, and two decades of engineering heritage — creating a combined entity that will command an unmatched position in the global elevator market. Completion remains subject to regulatory conditions and approvals.
"For a deal of this scale, getting the Indian law aspects right was non-negotiable. India is no longer just a market to be entered — it is a jurisdiction to be mastered."
Why India Mattered
In an era of increasingly complex cross-border transactions, India's legal landscape has emerged as a critical consideration for any multinational combination. Whether it is competition law, foreign investment regulations, securities compliance, or contractual structuring under Indian law — international corporations can no longer afford to treat India as a peripheral jurisdiction.
KONE recognised this. And that is precisely why Cyril Amarchand Mangaldas was brought in as Indian legal counsel — not as a formality, but as a strategic imperative.
The team at CAM was tasked with navigating the nuanced intersection of Indian regulatory frameworks with the demands of a global transaction — a responsibility that required not just legal expertise, but a deep understanding of how India fits into the global deal architecture.
The CAM Team That Delivered
Landmark deals demand landmark teams. The CAM mandate on the KONE–TKE combination was no exception.
Mohit Gogia led the transaction — bringing to bear his expertise in cross-border M&A and his ability to operate at the intersection of Indian and international legal practice. Rishabh Shroff's involvement reflects the firm's broader commitment to positioning India as a serious player in global cross-border deal-making.
What This Deal Signals for Indian Legal Practice
The KONE–TKE combination is more than a business story. It is a signal — about where Indian law firms stand in the global legal ecosystem, and about the growing weight that India carries in international transactions.
A decade ago, Indian counsel on a deal of this scale might have been an afterthought — brought in to tick a box. Today, the story is fundamentally different. Global corporations like KONE are engaging Indian law firms as substantive advisors, not peripheral footnotes.
CAM's role in this transaction reflects a broader shift: India is no longer just a market to be entered — it is a jurisdiction to be mastered. And for any multinational combination that touches India's regulatory orbit, having the right Indian counsel is not optional. It is essential.
The Bigger Picture
For the elevator industry, the KONE–TKE merger signals a period of consolidation that will reshape competitive dynamics globally. A combined entity with 2.5 million+ units installed across 70+ countries will have the scale to invest in next-generation technology, sustainability, and service innovation in ways that neither company could achieve alone.
For Finland, this is a moment of national corporate pride — the largest transaction in the country's history, led by one of its most iconic companies. For European private equity, it is a historic exit — Advent International and Cinven realising the rewards of their investment at a scale that sets a new benchmark.
The KONE–TK Elevator combination will be remembered as one of the defining corporate transactions of 2026. Its scale is historic. Its implications are global. And the fingerprints of Indian legal excellence — through Cyril Amarchand Mangaldas — are firmly embedded in its architecture.
When the world's biggest elevator companies decided to come together, India was not just present. India was indispensable.
Disclaimer: This article is published for informational and editorial purposes only. Views expressed may not reflect those of ISEE Papers. We do not guarantee accuracy or completeness. For full details, please read our complete disclaimer here: ISEE Papers Website Disclaimer