German industrial concern Thyssenkrupp AG has announced that it is selling its profitable elevator business.

A group of private equity firms is taking part in what looks to be the largest private equity deal in over a decade in Europe. The PE firms, led by Advent International and Cinven, are paying €17.2 billion ($18.91 billion) to acquire the business.

Thyssenkrupp has been shopping the deal for months to other suitors. Reports show they pursued deals with rival private equity firms and the Finnish elevator maker Kone. However, it has chosen to accept the offer form the Advent and Cinven led group.

Thyssenkrupp AG Private Equity Deal

Other groups bidding on the elevate business included a consortium that included Blackstone Group (NYSE: BX), Carlyle Group (NYSE: CG), and the Canada Pension Plan Investment Board.

Thyssenkrupp Chief Executive Martina Merz commented on the transaction saying “With the sale, we are paving the way for Thyssenkrupp to become successful. Not only have we obtained a very good selling price, we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds.”

“The board now has the task to quickly use the proceeds in a targeted way to make sure the company can develop successfully,” said the Alfried Krupp von Bohlen und Halbach Foundation, Thyssenkrupp’s largest shareholder, in a statement. “Thyssenkrupp must become competitive again and also regain its strength to pay dividends.”

Thyssenkrupp said that it would use the bulk of the proceeds to pay down liabilities, especially its pension liabilities. Some of the proceeds will all so be used to prop up struggling business liens in weak sectors like steel, plant building, and car parts.

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