Rolls-Royce to buy outstanding stake in ITP for 720 mln euros

LONDON, July 11 (Reuters) - Britain's Rolls-Royce said it would buy the outstanding 53.1 percent shareholding in aircraft engine and components firm Industria de Turbo Propulsores (ITP) owned by SENER Grupo de Ingeniería for 720 million euros ($795 million).

Rolls-Royce said the agreement allowed it the flexibility to settle up to 50 percent of the purchase price in shares.

ITP, which was created in 1989 and is headquartered in Bilbao, Spain, has partnered with Rolls-Royce on all Trent engine programmes, the companies said. ($1 = 0.9056 euros) (Reporting by Paul Sandle; editing by Kate Holton)