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Rolls secures final clearance for sale of ITP Aero to Bain

Reuters
·1-min read

LONDON (Reuters) - Rolls-Royce said on Wednesday 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.

($1 = 0.8221 pounds)

($1 = 0.9833 euros)

(Reporting by Kate Holton; editing by William James)