The Basque government, after being informed of the sale’s approval, has reiterated that it will continue to work towards its original objective of “being in the capital” and having representation on the company’s board of directors.
Euskaraz irakurri: Bain Capital funtsak ITP Aero 1,700 milioiren truke erosteko baimena eman du Espainiako Gobernuak
The Spanish government has approved the sale of 100% of ITP Aero by the British multinational rolls royce to a consortium led by the US fund Bain Capitaland also composed of Sapa Placencia and JB Capitalfor 1700 million euros.
The Basque government has reiterated, after taking note of the approval of the sale, that it will continue to work towards its original objective of “being” in the capital and having representation on the board of directors of the company. To do this, it maintains its commitment to reach a “good agreement” from shareholders in which it feels “comfortable”.
As confirmed by Defense sources, the Council of Ministers authorized the operation on Monday, which was an essential procedure to carry out as it is a strategic business.
The agreement for sale ITP Aerolocated in Zamudio (Bizkaia), the consortium led by Bain Capital was the last to close September 27just as the deadline agreed with the Spanish and Basque governments to reach the purchase agreement expired, and was waiting to receive the relevant authorizations.
By signing the agreement, the US Fund has committed itself to preserving the industrial capabilities and assets related to state security in Spanish territory, in addition to preserving the decision-making center, industrial capability, technological capability and the registered office and taxation of ITP in Euskadi.
Following the completion of this operation, ITP Aero will be an independent company headed by its current director, Carlos Alzola, based in Zamudio, Rolls-Royce reported at the time.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
