Rolls-Royce Holdings has clinched a £1.5bn sale of one of its largest subsidiaries, a deal that will catapult the aircraft engine-maker towards the £2bn disposal target it set out in an attempt to rebuild its balance sheet after the pandemic
Rolls-Royce will take a big step towards its £2bn disposal target with the sale of Spanish-based ITP Aero to a consortium led by Bain Capital, Sky News learns.
Rolls-Royce Holdings has clinched a £1.5bn sale of one of its largest subsidiaries, a deal that will catapult the aircraft engine-maker towards the £2bn disposal target it set out in an attempt to rebuild its balance sheet after the pandemic.
Sky News has learnt that Rolls-Royce will announce the sale of ITP Aero, a Basque Region-headquartered manufacturer of aircraft engines and turbines, later on Monday.The buyer is a consortium led by Bain Capital, the private equity firm, and includes JB Capital and Sapa, an industrial group.
Image:Chief executive Warren East set a £2bn target for disposalsRolls-Royce confirmed in August that it was in exclusive talks with a Bain-led consortium.Sources said that Bain was expected to allow other consortium members to join during the coming months. headtopics.com
AdvertisementThe deal will be an important milestone in Rolls-Royce's recovery from the pandemic.It also recently sold Bergen, a maritime engines business, and its stake in Air Tanker, which conducts in-flight refuelling for military aircraft Read more: Sky News »
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