Rolls-Royce receives Spanish government approval to sell ITP Aero

Rolls Royce

Rolls-Royce Holdings plc (LON:RR) has announced that the Spanish government has approved the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity. This follows the approval of all other relevant regulatory authorities. As a result, the completion of the transaction, at an enterprise value of approximately €1.8 billion, is expected in the coming weeks.

This sale, which was announced on 27 September 2021, completes our disposal programme announced on 27 August 2020, to raise proceeds of at least £2.0 billion. Upon completion, sale proceeds (excluding any cash retained by Rolls-Royce) of approximately €1.7 billion will be used to help rebuild the Rolls-Royce balance sheet, in support of our ambition to return to an investment grade credit profile in the medium term.

ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes.

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