WPP's Hering Schuppener is handling the $19B deal to acquire Thyssenkrupp AG's lucrative elevator unit by global buyout firms Advent International and Cinven.

The transaction is one of Europe's biggest private equity deals in more than a decade.

Thyssenkrupp Elevator ranks No. 4 in the global lift market, trailing United Technologies' Otis, Switzerland's Schindler and Finland's Kone, which dropped out of the bidding due to EU antitrust concerns.

Advent and Cingen edged a bid by Blackstone, Carlyle Group and Canadian Pension Fund.

Thyssenkrupp Elevator generated $8.8B in revenues last year and employs more than 50K people.

Hering Schuppener's Jobst Honig and Jacqueline Niemeyer represent Advent/Cinven.