Rolls-Royce sells ITP Aero to Bain Capital for €1.7bn

ITP Aero supplies aeronautical components and engines and employs 4,300 staff at production sites in Spain, the UK, Mexico, Malta and India. In the year ended 31 December 2020, the company reported revenues of €735m and underlying EBIT of €40m. The sale of ITP Aero is in line with Rolls-Royce’s aim of raising at least £2bn to strengthen its balance sheet and fulfil a medium-term ambition to return to an investment grade credit profile.

Warren East, CEO, Rolls-Royce, said: "The creation of an independent ITP Aero is a great opportunity for the company, its people and other stakeholders. A financially, technologically, and industrially strong ITP Aero is also vital to Rolls-Royce. The company will remain a key strategic supplier and partner for decades to come.”

Rolls-Royce to sell Bergen Engines for €63m

The proposed sale values ITP Aero at an enterprise value of approximately €1.8bn. The transaction has been approved by the board of Rolls-Royce and Bain Capital-led consortium members including SAPA and JB Capital and is expected to close in the first half of 2022.