Rolls-Royce Holdings plc (RR.L)
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KKR, Bain Said Among Bidders to Advance on Rolls-Royce ITP Sale
(Bloomberg) -- Rolls-Royce Holdings Plc has whittled down the list of potential buyers for its ITP Aero division to suitors including KKR & Co. and Bain Capital, according to people familiar with the matter.The two private-equity suitors are among those who have advanced to the next round while bidders including Carlyle Group Inc. and CVC Capital Partners have dropped out, said the people, asking not to be identified because discussions are private.Buyout firm TowerBrook Capital, which owns Spanish aircraft supplier Aernnova, and its bidding partner Onex Corp. are also still interested in ITP, the people said. Spanish manufacturer Aciturri Aerostructures may team up with one of the other bidders, the people said.Rolls said last month the planned disposal of ITP Aero is progressing well, reporting “ongoing conversations” with a number of potential buyers. The unit could fetch about 1.5 billion euros ($1.8 billion) and next bids are due in May, people familiar said.The London-based manufacturer is seeking to divest the Spanish aircraft equipment supplier as part of a plan to raise more than 2 billion pounds ($2.8 billion) from asset disposals.The U.K. company is coming off a harrowing year that saw it cut 7,000 jobs as the coronavirus crisis grounded the wide-body jets that use its engines, stifling vital maintenance revenue.Representatives for Rolls, KKR, Bain, Carlyle, CVC and TowerBrook declined to comment while Onex and Aciturri couldn’t be immediately reached outside usual business hours.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
