KONE Oyj

Vietnam's elevator and escalator market is forecast to grow from an estimated 41,717 units in 2025 to 51,013 units by 2031, a compound annual growth rate of 3.4 percent. Public investment reached VND 902 trillion, or 34 billion dollars, in 2025, driving demand through major transport projects and urban developments. An ageing population and stricter building regulations are further boosting the need for modern vertical transport systems. AI integration by companies like KONE, OTIS, and Schindler is creating new opportunities, while high installation costs exceeding 50,000 dollars per unit and geopolitical tensions remain key restraints.

European M&A value fell 6.4% quarter-over-quarter in the second quarter to $344 billion, a much shallower decline than the 24.3% drop recorded in North America, according to PitchBook's Q2 2026 Global M&A Report. Deal count in Europe rose 0.9% to 5,061, even as it fell an estimated 7.3% in North America. The region's resilience has been building for a year, with sponsors and corporate acquirers drawn by lower entry multiples and untapped family-owned businesses. B2B was Europe's strongest sector, with deal value up 35.6% to $129 billion, driven by two megadeals: Kone, Advent International, and Cinven's $34.3 billion purchase of TK Elevator, and EQT's $14.6 billion take-private of Intertek at a 62% premium. The European Central Bank became the first G7 central bank to raise rates in June, responding to an energy shock tied to Middle East conflict, and the region's resilience through year-end will depend on how monetary policy and geopolitical uncertainty evolve.

Germany is experiencing a surge in dealmaking, with $125 billion of announced transactions involving German companies in the first half of the year, potentially the third-highest tally in two decades. Volkswagen has agreed to sell a stake in its Everllence marine engine business to Bain Capital for about 7.4 billion. Other major deals include Kone's 29.4 billion takeover of TK Elevator and Deutsche Borse's 5.3 billion acquisition of Allfunds. Further activity may be ahead, with UniCredit pursuing Commerzbank, Uber eyeing Delivery Hero, and Deutsche Telekom discussing a combination with T-Mobile US. Private equity firms are also active, with Triton buying Flender for about 3 billion and Stada reportedly considering a 6 billion acquisition of Cooper Consumer Health.