Rolls-Royce said it had secured the final regulatory clearance for the sale of ITP Aero to investors led by Bain Capital, with the completion of the 1.8 billion euro ($1.8 billion) deal expected in the coming weeks.
The approval, from the Spanish government, means Rolls has completed its disposal programme, raising at least 2 billion pounds ($2.4 billion).
“Upon completion, sale proceeds (excluding any cash retained by Rolls-Royce) of approximately 1.7 billion euros 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,” it said.
Source: Reuters.com