British giant Rolls-Royce has hit its 2-billion pound disposal target after inking an agreement to sell its Spanish unit ITP Aero for 1.7 billion euros, Reuters reported.
Rolls-Royce sold its ITP Aero unit to a consortium led by Bain Capital Equity, along with the sale of smaller assets such as a stake in Air Tanker Holdings, its Bergen Engines unit in Norway, and a civil nuclear instrumentation and control business.
Under the agreement, ITP will continue to supply to Rolls-Royce post-transaction, subject to regulatory clearances. The transaction is expected to be finalized within the first half of 2022.
A Rolls-Royce spokesperson said the announcement marks the end of the firm’s disposal program, and it will continue to look into non-core assets in the portfolio, with a focus on maximizing shareholder value.
Rolls Royce earlier on Monday said it scored a $2.6-billion contract to supply US bombers with replacement engines.
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