Rolls-Royce on Monday said it had secured agreement to sell its ITP Aero division for around €1.7bn (£1.5bn) to Bain Capital Private Equity, which is leading a consortium of Spanish and Basque companies.
Agreement is a key element of Rolls-Royce’s disposal programme to raise £2bn to bolster its balance sheet and support the engine maker’s medium-term ambition to return to investment grade credit profile after the Covid pandemic hammered the airline industry.
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