August 4, 2022
by Mark Salinger
ITP Aero is part of the Eurojet consortium, which builds and maintains the EJ200 engine for the Eurofighter Typhoon. (Eurojet)
Rolls-Royce’s proposal to sell its Spanish subsidiary Industria de Turbo Propulsores (ITP Aero) to a consortium has received Spanish government approval, ending the regulatory process and paving the way for the €1.7 billion ($1.7 billion) deal to close.” in the coming weeks,” the British engine manufacturer announced on August 3.
The deal has been approved by the Spanish Ministry of Industry, Trade and Tourism’s Foreign Investment Board and the Spanish Council of Ministers, according to a Rolls-Royce spokesman. “This was after the approval of all other relevant regulatory authorities,” the spokesperson added.
ITP Aero builds engines for commercial and military aircraft and has about 4,300 employees. The buyers are led by the American company Bain Capital Private Equity, as well as the Spanish financial services firm JB Capital Markets and the Spanish defense contractor SAPA.
https://www.janes.com/defence-news/rolls-royce-sale-of-itp-aero-clears-last-regulatory-hurdle The sale of Rolls-Royce to ITP Aero clears the last regulatory hurdle