Press release from the Competition Council regarding the economic concentration project concerning the establishment of the joint venture ‘JV KSA’ by ‘Alat Technologies Company’ and ‘TK Elevator Ibérica Holding SLU’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.

This information was prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of companies and individuals involved:

• Founding Company No. 1: ‘Alat Technologies Company’;
• Founding Company No. 2: ‘TK Elevator Ibérica Holding SLU’.
• Name of the joint venture: ‘JV KSA’.

Nature of the operation

• Establishment of a joint venture.

Economic sector concerned:

• Manufacturing, supply, installation, and maintenance of vertical and horizontal transportation units (elevators, escalators, etc.).

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., March 26, 2025

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the establishment of the full-fledged joint venture ‘JV KSA’ by ‘Alat Technologies Company’ and ‘TK Elevator Ibérica Holding SLU’ (TKE Ibérica, with its parent company TK Elevator Topco GmbH (TKE Topco) and its subsidiaries (the TKE Group)).

‘Alat Technologies Company’ is a closed joint-stock company with a single Saudi shareholder whose registered office is located in the Kingdom of Saudi Arabia. ‘Alat’ is active in manufacturing products for local and global markets in nine business sectors, namely: semiconductors, smart devices, smart buildings, smart devices, smart health, advanced industry, next-generation infrastructure, electrification, and AI infrastructure.

‘TK Elevator Ibérica Holding SLU’ is a Spanish limited liability private company with its registered office in Spain. ‘TK Elevator Topco GmbH’ is the holding company of the TKE Group, which is globally active in the installation, modernization, and maintenance of elevators, escalators, moving walkways, passenger boarding bridges, stairlifts, as well as related products and activities.

‘JV KSA’ the joint venture will be engaged in the sale, installation, maintenance, and modernization of elevators and escalators.

 

Done in Rabat, March 13, 2025