TK Elevator Secures Alat Investment and Announces Joint Venture
Deal News | Feb 27, 2025 | Legal Community MENA
Kirkland & Ellis is providing legal counsel to TK Elevator (TKE) and its majority shareholders in the context of an investment by Alat, a company under the Public Investment Fund (PIF) of Saudi Arabia. Alat has acquired a 15% stake in TKE, which now includes them as a shareholder and member of the investor consortium. Additionally, Kirkland & Ellis is advising TKE on establishing a joint venture valued at EUR160 million. This joint venture aims to enhance mobility products, solutions, and manufacturing capabilities in Saudi Arabia and the broader EMEA region, leveraging support from a local product development center. The completion of the investment and the joint venture is anticipated by the end of the third quarter of 2025, pending necessary regulatory approvals.
Sectors
- Private Equity
- Legal Services
- Urban Mobility and Transportation
Geography
- Saudi Arabia – Alat is a PIF company. The joint venture aims to develop capabilities in Saudi Arabia.
- EMEA Region – The joint venture focuses on importing mobility solutions to the EMEA region.
Industry
- Private Equity – Alat, a company associated with the Public Investment Fund, is acquiring a stake in TKE, indicating private equity activity.
- Legal Services – Kirkland & Ellis, an international law firm, is providing legal advice in the structuring of the investment and joint venture.
- Urban Mobility and Transportation – TK Elevator specializes in vertical transportation and urban mobility, which is the focus of the investment and joint venture.
Financials
- EUR160 million – Value of the joint venture being formed by TKE.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TK Elevator (TKE) | Target Company | Company | Specializes in vertical transportation and urban mobility, facilitating the joint venture with Alat. |
| Alat | Bidding Company | Company | A company under the Public Investment Fund acquiring a stake in TKE. |
| Kirkland & Ellis | Legal Advisor | Company | An international law firm advising TKE on the investment and joint venture. |