Advent-led consortium to spend 'billions' on expanding Thyssenkrupp Elevator

BERLIN (Reuters) - The consortium that won the bid to acquire Thyssenkrupp's elevators division wants to spend billions of euros on expanding the business, a manager at one of three partners said in remarks published on Sunday.

"The is no shortage of money for a global expansion," Ranjan Sen, managing partner with private equity firm Advent told the Handelsblatt business daily. "This could by all means amount to single-digit billions."

Thyssenkrupp <TKAG.DE> said on Thursday it had agreed to sell its elevators division to a consortium of Advent, Cinven and Germany's RAG foundation for 17.2 billion euros.

Thyssenkrupp said it would reinvest about 1.25 billion euros to take a stake in the unit.

By far the German conglomerate's most profitable business, Thyssenkrupp Elevator is the world's fourth-largest lift manufacturer behind United Technologies Corp's <UTX.N> Otis, Switzerland's Schindler <SCHP.S> and Finnish rival Kone <KNEBV.HE>.

(Reporting by Joseph Nasr; Editing by Andrew Heavens)