BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Rolls-Royce (RYCEF.PK, RR.L, RYCEY.PK) has agreed to sell 100% of ITP Aero to Bain Capital Private Equity for approximately 1.7 billion euros. ITP Aero is a leading aerospace and engine component supplier.
Rolls-Royce will use total cash proceeds to help rebuild the balance sheet, in support of the company's medium-term ambition to return to an investment grade credit profile. The company noted that the proposed sale is a key element of its disposal programme, announced on 27 August 2020.
Bain Capital, LP is one of the world's leading private investment firms. It is a consortium of Spanish and Basque companies including SAPA and JB Capital.
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