Rolls-Royce has completed its 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 27 September 2021, follows the announcement on 3 August 2022 of approval of the transaction from the Spanish government.
Sale proceeds were €1.6 billion. In addition a dividend of €0.1bn 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 Rolls-Royce announced on 27 August 2020.
ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes.
