Kone, the Finnish lift and escalator maker has sold Partek Forest, its forestry machines division, to Japan's Komatsu for €120m ($137bn). This completes Kone's asset sales from which it has raised around €900m.

UBS advised Kone, with which it has had a long-standing relationship. Last week, UBS acted as sole bookrunner on the sale of the Finnish government's 4.5% stake in Kone .