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9/27, 12:17 PM (Source: TeleTrader)
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Rolls-Royce sells ITP Aero unit for £1.5 billion - report

Rolls-Royce Holdings plc will sell its ITP Aero division for £1.5 billion to a Bain Capital LP-led consortium, Sky News reported on Monday.

ITP Aero, or Industria de Turbo Propulsores, is Rolls-Royce's Spain-based subsidiary that produces aero engines and gas turbines. The British company acquired a controlling stake in ITP Aero back in 2016 for €720 million.

Besides Bain Capital, the purchasing consortium includes JB Capital Markets and Sapa Investment Group.

Breaking the News / MS