12th Apr 2021 07:33
(Alliance News) - Rolls-Royce Holdings PLC has narrowed down the list of potential buyers for its ITP Aero division, Bloomberg reported on Saturday.
ITP Aero, based in the Basque region of Spain, is an arm of Rolls-Royce that makes aircraft engines and turbines.
https://www.bloomberg.com/news/articles/2021-04-10/kkr-bain-said-among-bidders-to-advance-on-rolls-royce-itp-sale?srnd=deals
Possible buyers that have advanced to the next round of bidding include private equity companies KKR & Co and Bain Capital. Buyout firm TowerBrook Capital, which owns Spanish aircraft supplier Aernnova, and bidding partner Onex Corp remain interested as well, according to Bloomberg.
Spanish manufacturer Aciturri Aerostructures may team up with one of the other bidders.
The sale of ITP Aero could bring EUR1.5 billion, Bloomberg reported, citing "people familiar with the matter", with the next bids for the unit due in May.
Rolls Royce said back in December that it expects to sell ITP Aero during 2021 as part of its restructuring programme, which was launched as the company's pretax loss deepened to GBP2.91 billion in 2020.
By Zoe Wickens; [email protected]
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