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Rolls Royce Receives Spanish Govt's Approval For Sale Of ITP Aero

Industrial technology company Rolls-Royce Holdings plc (RR, RYCEY) on Wednesday announced that the Spanish government has approved the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity. The transaction, at an enterprise value of approximately 1.8 billion euros, is expected in the coming weeks.

The sale of the company's Spanish arm, which was announced on September 27, 2021, completes the disposal programme announced on August 27, 2020, to raise proceeds of at least 2 billion pounds.

Upon completion, sale proceeds (excluding any cash retained by Rolls-Royce) of approximately 1.7 billion euros would be used to help rebuild the Rolls-Royce balance sheet, aimed at returning to an investment grade credit profile in the medium term.

ITP Aero would remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes.

Shares of Rolls-Royce Holdings closed Tuesday's trading at $1.12, down $0.0150 or 1.32 percent from the previous close.

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