Rolls-Royce has completed the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity, at an enterprise value of approximately €1.8 billion. The completion of the transaction, which was announced on September 27, 2021, follows the announcement on August 3, 2022, of approval of the transaction from the Spanish government.
Sale proceeds were €1.6 billion. In addition, a dividend of €0.1billion was paid shortly prior to completion. The proceeds will be used to reduce debt with the immediate repayment of Rolls-Royce’s £2 billion loan, which is supported by an 80% guarantee from UK Export Finance, helping to rebuild the Rolls-Royce balance sheet in support of its ambition to return to an investment-grade credit profile in the medium term. The sale of ITP Aero completes the disposal programme the company announced on August 27, 2020.
ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes. (£1.00 = €1.16 at time of publication)