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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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
