4th Aug 2021 18:27
(Alliance News) - Rolls-Royce Holdings PLC on Wednesday confirmed it has entered into discussions with a consortium led by Bain Capital on the potential sale of its ITP Aero business.
ITP Aero was founded in 1989 and was created on the basis of a European defence programme, Eurofighter. Since then it has since consolidated itself as the Spanish aeronautical engine company, headquartered in Zamudio, Bizkaia in the Basque Country, Spain.
Earlier on Wednesday, Spanish business publication Expansion reported that Rolls-Royce was to sell its Spanish unit to a consortium including of US investment firm Bain Capital and engineer Sener for EUR1.6 billion.
https://www.expansion.com/empresas/industria/2021/08/04/610a8708e5fdeabc7b8b45e7.html
Last year, Rolls-Royce had said it would seek to raise GBP2 billion by selling assets after the coronavirus crisis ravaged the company's balance sheet.
Rolls-Royce warned that there was no certainty an agreement would be reached.
The stock closed up 1.4% at 104.54 pence on Wednesday in London.
By Arvind Bhunjun; [email protected]
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