Bird & Bird has assisted TK Elevator, a global urban mobility leader, in the acquisition of Sdiptech’s Swedish elevator operations. The target companies have a strong reputation for high-quality service and modernization, with a maintenance portfolio of approx. 9,500 units in the Stockholm area. The acquisition significantly expands TK Elevator’s service network in Sweden and strengthens its position in the Nordic market.
TK Elevator has more than 50,000 employees serving customers in over 100 countries. The company’s most important business line is its service business, with approximately 1.4 million units under maintenance and over 24,000 service technicians globally. The product portfolio covers commodity elevators for residential and commercial buildings to cutting-edge, highly customized solutions for state-of-the-art skyscrapers. In addition, it also consists of escalators and moving walks, passenger boarding bridges, stair and platform lifts, as well as tailored service solutions such as MAX, the industry’s first cloud-based digitally enhanced maintenance solution.
Bird & Bird has a unique Nordic offering and expertise, providing clients with seamless advice on their strategic acquisitions in the Nordic region.
The Nordic Bird & Bird team included partner Mårten Willamo and was led by senior associates Taymaz Afsari and Marcus Erneholm, working together with Ahmed Al-Rahma, Sofia Ekeryd, Amanda Lannge, Elisabeth Zhou, Michael Butler (all Corporate, Stockholm), Lucas Magnusson (Employment, Stockholm), Victor Holmberg, Karin Tukiainen (both Commercial, Stockholm), Mariam Hussein (Intellectual Property, Stockholm), and Morten Nissen and Alexander Brochen (both EU & Competition, Copenhagen).
The transaction is subject to the approval of the Swedish Competition Authorities, expected in April 2021.