The group formed by the merger will be nearly twice the size of the current Kone group, with more than 100,000 employees in over 100 countries and annual revenue of around €20.5 billion, the two companies said in a statement.

TKE is owned by a consortium including the private equity groups Advent and Cinven.

The new group will be based in Finland and led by Kone’s current French chief executive Philippe Delorme.

“This industry-revitalizing transaction brings together two exceptional global businesses with highly complementary geographic footprints and innovation platforms,” the joint statement said.

“Kone’s presence in Asia is complemented by TKE’s footprint in the Americas and TKE opens new geographies for Kone, resulting in a well-balanced global presence.”

The takeover is the largest corporate acquisition ever carried out in Finland, according to Finnish media.

The consortium that owns TKE will receive five billion euros and 270 million shares in the new Kone, valued at finland, germany, manufacturing, merger, kone, €15.2 billion, and will hold 33.8% of the new entity, according to the statement.

The two groups expect annual synergies of €700 million from the acquisition.