Rolls-Royce is rising after the sale of its ITP subsidiary Aero with a major contract

Rolls-Royce is rising after the sale of its ITP subsidiary Aero with a major contract


LONDON, Sept 27 (Reuters) – Rolls-Royce launched on London Stock Exchange on Monday after British engineer announced it was selling its Spanish subsidiary ITP Aero to a Billion Capital Private Equity merger. 1.7. , which will enable it to achieve its £ 2 billion withdrawal target.

Prior to this news, the topic was already benefiting from another announcement about a contract for the redesign of B-52 US Air Force bombers, the original amount of which is estimated at $ 500 million. More than six dollars. years but that could reach $ 2.6 billion (2.2 billion euros).

On the London Stock Exchange, around 12:05 GMT, Rolls-Royce shares rose 8.83% to 144 cents, up six months. The headline, which gained 19% since the beginning of the year compared to the closing price on Friday, indicates a positive performance of the FTSE report and the pan-European Stoxx 600 index.

The sale of the Spanish subsidiary ITP Aero was eagerly awaited by investors, with the Rolls-Royce withdrawal plan, announced in August 2020, aimed at balancing the balance of the engine manufacturer of the worst-affected engine.

“Today’s announcement is an important step in our withdrawal plan as we strive to strengthen our balance sheet, in support of our mid-term goal of revisiting the investment profile of the investment.” stressed Rolls-Royce general manager Warren East. , quoted in a press release.

The sale of ITP Aero to a coalition led by Bain Capital and consisting mainly of SAPA and JB Capital is still subject to the approval of regulatory authorities. ITP will remain a Rolls-Royce distributor after its sales.

Regarding the agreement with the U.S. Air Force, analysts at Jefferies said it gave Rolls-Royce “more comfort” for a long time in its forecast.

In early August, Rolls-Royce maintained its forecast for a whopping £ 2 billion by 2021 with a positive return from the second half. (Report by Sarah Young; French edition by Claude Chendjou, edited by Blandine Hénault)

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