REG - Rolls-Royce Holdings - Spanish Government approves sale of ITP Aero

Rolls-Royce HoldingsAnnouncement

03/08/2022 07:15

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RNS Number : 7407U  Rolls-Royce Holdings plc  03 August 2022

3 August 2022

 

SPANISH GOVERNMENT APPROVES SALE OF ITP AERO

 

Rolls-Royce (LSE:RR., ADR:RYCEY) announces that the Spanish government has
approved the sale of ITP Aero to a consortium of investors led by Bain Capital
Private Equity. This follows the approval of all other relevant regulatory
authorities. As a result, the completion of the transaction, at an enterprise
value of approximately €1.8 billion, is expected in the coming weeks.

 

This sale, which was announced on 27 September 2021, completes our disposal
programme announced on 27 August 2020, to raise proceeds of at least £2.0
billion. Upon completion, sale proceeds (excluding any cash retained by
Rolls-Royce) of approximately €1.7 billion will be used to help rebuild the
Rolls-Royce balance sheet, in support of our ambition to return to an
investment grade credit profile in the medium term.

 

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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