Rolls-Royce completes sale of ITP Aero
Image courtesy Rolls-Royce
The completion of the transaction, which was announced on 27th 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 €0.1 billion 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 27th August 2020.
ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both Civil Aerospace and Defence programmes.
