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 $1.8bn deal expected in the coming weeks.
The approval, from the Spanish government, means Rolls has completed its disposal programme, raising at least $2.4bn.
“Upon completion, sale proceeds (excluding any cash retained by Rolls-Royce) of approximately €1.7bn 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.
In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital, real estate and insurance, managing approximately $150bn in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
Read more: Reuters
