(CercleFinance.com) – Rolls-Royce announces the completion of the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity, for an enterprise value of approximately 1.8 billion euros.
The closing of the transaction follows the announcement, on August 3, 2022, of the approval of the transaction by the Spanish government.
Proceeds from the sale amounted to 1.6 billion euros. In addition, a dividend of €0.1 billion was paid shortly before closing.
Proceeds from the sale will be used by Rolls Royce to reduce its debt with the immediate repayment of the £2bn loan, which is backed by an 80% guarantee from UK Export Finance.
The sale of ITP Aero completes the disposal program announced on August 27, 2020.
ITP Aero will remain a key supplier and strategic partner for Rolls-Royce in the civil aerospace and defense programs.
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