The Spanish government on Tuesday approved the sale of ITP Aero to the Bain Capital fund for 1.7 billion euros.
Rolls-Royce has indicated that ITP Aero will remain “a key supplier and strategic partner” to the company after the Spanish government authorized the sale of the company to a consortium of investors led by Bain Capital for approximately 1.7 billion.
In a statement, the company confirmed that it expects the transaction, which values ITP Aero at approximately 1,800 million, to close “in the coming weeks” after obtaining approval from the Council of Ministers, which was a key process as it was a strategic business.
Rolls-Royce has reached agreement to sell ITP Aero, based in Zamudio (Bizkaia), to the consortium led by Bain Capital, which also consists of Sapa Placencia and JB Capital, last September 27 and waited to receive the relevant authorizations.
Upon completion, Rolls-Royce expects the company to continue.”an important supplier and strategic partner in defense and civilian aerospace programs.
In addition, the British multinational has indicated that this operation completes its divestment program and that the approximately 1,700 million that will come in “will be used to rebuild Rolls-Royce’s balance sheet and further its ambition to restore creditworthiness in the medium term. ” assessing investments”.
For his part, the Basque government He reiterated, after being informed of the clearance of the sale, that he will continue to work towards his initial objective of being in the capital and having representation on the company’s board of directors. To do this, it maintained its commitment to achieve a good deal” of shareholders in which you feel “comfortable”.
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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.
