REG - Rolls-Royce Holdings - Rolls-Royce Completes Sale of ITP Aero

Rolls-Royce HoldingsAnnouncement

15/09/2022 11:00

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RNS Number : 6141Z  Rolls-Royce Holdings plc  15 September 2022

15 September 2022

 

ROLLS-ROYCE COMPLETES SALE OF ITP AERO

 

Rolls-Royce (LSE:RR., ADR:RYCEY) announces the completion of the 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 our £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 our ambition to return to an investment grade credit
profile in the medium term. The sale of ITP Aero completes the disposal
programme we 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.

 

For further information, please contact:

 
Media

Richard Wray

Director of External Communications & Brand, Rolls-Royce plc

Tel +44 (0) 7810 850055

Richard.Wray@Rolls-Royce.com

 

Investors

Isabel Green

Head of Investor Relations, Rolls-Royce plc

Tel +44 (0) 7880 160976

Isabel.Green@Rolls-Royce.com

 

www.rolls-royce.com (http://www.rolls-royce.com)

 

About Rolls-Royce Holdings plc

 

1.   Rolls-Royce pioneers the power that matters to connect, power and
protect society. We have pledged to achieve net zero greenhouse gas emissions
in our operations by 2030 (excluding product testing) and joined the UN Race
to Zero campaign in 2020, affirming our ambition to play a fundamental role in
enabling the sectors in which we operate achieve net zero carbon by 2050.

2.   Rolls-Royce has customers in more than 150 countries, comprising more
than 400 airlines and leasing customers, 160 armed forces and navies, and more
than 5,000 power and nuclear customers.

3.   Annual underlying revenue was £10.95 billion in 2021, underlying
operating profit was £414m and we invested £1.18 billion on research and
development. We also support a global network of 28 University Technology
Centres, which position Rolls-Royce engineers at the forefront of scientific
research.

4.     Rolls-Royce Holdings plc is publicly traded company (LSE: RR., ADR:
RYCEY, LEI: 213800EC7997ZBLZJH69)

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