Thyssenkrupp sells elevator unit for $18.7 bn to Advent-led consortium

Thyssenkrupp said it would reinvest about 1.25 billion euros to take a stake in the unit

Thyssenkrupp on Thursday said it agreed to sell its elevators division to a consortium of Advent, Cinven and Germany's RAG foundation for 17.2 billion euros ($18.7 billion) in what could be the world's largest buyout this year.The bidding group prevailed against a rival consortium comprising Blackstone, Carlyle and the Canada Pension Plan Investment Board.

The deal is expected to close by the end of the year, Thyssenkrupp said.

The price, which makes the deal Europe's biggest buyout since 2007, beats the most optimistic estimates and roughly matches a bid that had been submitted earlier in the process by