The U.S. Opened an In-Depth Review of the KONE–TKE Deal

The United States has moved beyond an initial look at KONE’s proposed acquisition of TK Elevator. Bloomberg reported that the Justice Department requested additional information from the companies — the step commonly called a “second request.” It is an in-depth review, not a decision to block the deal.

What was reported

PYMNTS published the report on August 11, 2026, attributing the underlying information to Bloomberg News. According to that reporting, the Justice Department’s Antitrust Division requested additional information while examining what the €29.4-billion transaction could do to competition in the United States.

The report said the investigation was at an early stage. It did not identify the cities, product lines or service markets under examination. Bloomberg also reported that the Justice Department, TK Elevator, Advent International and Cinven declined to comment.

No case-specific Justice Department announcement confirming the request was located during verification for this article. The status should therefore be described precisely: Bloomberg reported the second request, PYMNTS republished that reporting, and the detailed competition concerns remain undisclosed.

What a second request actually means

Under the U.S. Hart-Scott-Rodino process, the Federal Trade Commission or the Justice Department can require merging companies to provide additional documents and data when an initial review raises questions that need a closer look. That is known as a second request.

The request extends the waiting period and prevents the parties from completing the transaction until they have substantially complied and the additional review period has run. The agency can ultimately close the investigation, negotiate a settlement or seek to block the deal. Issuing the request does not by itself establish that the merger is illegal.

In July, the Justice Department announced that it had returned to using more targeted second requests. The department said that process is intended to focus on the information most relevant to potential competition concerns while reducing unnecessary burden.

Why the American market matters

The proposed combination would bring together two of the world’s largest elevator companies. TK Elevator has a substantial installation and service operation in the United States, while KONE has described the companies’ geographic footprints as complementary.

Service competition is especially local. A building owner does not choose among global market shares; the practical choice is among companies able to maintain a particular elevator in that city, with the required technicians, parts, tools and response capacity. The Bloomberg report does not say whether that is the Justice Department’s theory of concern, but it explains why the U.S. service footprint will matter to the review.

KONE says the timetable has not changed

KONE’s official half-year report, published July 22, said regulatory filings had been submitted or were underway in all key jurisdictions and that the review process was progressing as planned. KONE continues to describe completion as possible no earlier than the second quarter of 2027, subject to the required approvals.

The official KONE material reviewed for this update does not disclose the specific American issues or a proposed U.S. remedy. No public decision has been made.

The line that matters in Manitoba

The American review does not decide the Canadian case. Canada’s Competition Bureau opened its own review on July 17, 2026. Its public registry still lists the transaction as ongoing.

The U.S. development does show that another major regulator is taking a detailed look at the transaction. It does not prove that Canada will demand a divestiture, that any Canadian branch will be sold or that a service contract will change hands.

For building owners, mechanics and contractors, nothing changes today. KONE and TK Elevator remain independent competitors while the transaction is pending, existing service contracts continue and the announced closing timetable remains no earlier than the second quarter of 2027.

What to watch next

• Any public Justice Department action or company disclosure about the U.S. review.
• Whether KONE proposes American asset sales or other remedies.
• The status of the Canadian Competition Bureau’s separate review.
• Any change to KONE’s earliest expected closing date.