Rolls-Royce has reported 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 September 27, 2021, completes Rolls-Royce’s disposal programme announced on August 27, 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 the company’s 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.