Rolls-Royce Receives Spanish Government's Approval for ITP Aero Sale

British aerospace and defense company Rolls-Royce Holdings on Wednesday announced that the Spanish government has approved the sale of Spanish aero engine manufacturer ITP Aero to a consortium of investors led by Bain Capital Private Equity.

By dpa

Source dpa (TNS)

Aug. 3, 2022

Madrid — British aerospace and defence company Rolls-Royce Holdings on Wednesday announced that the Spanish government has approved the sale of Spanish aero engine manufacturer ITP Aero to a consortium of investors led by Bain Capital Private Equity. The transaction, at an enterprise value of approximately €1.8 billion ($1.83 billion), is expected in the coming weeks.

The sale of the company's Spanish arm, which was announced on September 27, 2021, completes the disposal programme announced on August 27, 2020, to raise proceeds of at least €2.4 billion. Upon completion, sale proceeds - excluding any cash retained by Rolls-Royce - of approximately €1.7 billion would be used to help rebuild the Rolls-Royce balance sheet, aimed at returning to an investment grade credit profile in the medium term.

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

©2022 dpa GmbH. Distributed by Tribune Content Agency, LLC.

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