The Spanish government has approved Rolls-Royce’s sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity.
It follows the approval of all other relevant regulatory authorities.
The completion of the transaction, at an enterprise value of approximately €1.8 billion, is now expected in the coming weeks.
Rolls-Royce said in a statement: “This sale, which was announced on 27 September 2021, completes our disposal programme announced on 27 August 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 our 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.