A consortium consisting of Blackstone, Carlyle and the Canada Pension Plan Investment Board has made a roughly €16 billion ($17.5 billion) bid for Thyssenkrupp’s elevator unit, two people familiar with the matter said.

The bid is the highest among private equity suitors, who had until Tuesday to submit binding bids, the people said, adding no decision has been made on who has advanced to the final round of the auction.

Representatives for the consortium declined to comment.