50 SKY SHADES - World aviation news

Rolls-Royce obtains final approval for acquisition of ITP

Download: Printable PDF Date: 10 Dec 2017 10:38 categories:
Publisher:
Rolls-Royce obtains final approval for acquisition of ITP - Finance publisher
Tatjana Obrazcova
Aircraft: Airplanes

Rolls-Royce has obtained the approval of all the relevant authorities for the acquisition of the outstanding 53.1% shareholding in Industria de Turbo Propulsores SA (“ITP”) owned by SENER Grupo de Ingeniería SA (“SENER”). Approval from the authorities in Spain paves the way for Rolls-Royce to conclude the acquisition, which was originally announced on 11 July 2016.

On 28 November 2016, Rolls-Royce confirmed the valuation of EUR 720m for the 53.1% shareholding, following due diligence. Consideration will be settled over a two-year period following completion in eight evenly spaced instalments of equal value. The agreement with SENER allows flexibility to settle each tranche of the consideration either in cash or in the form of Rolls-Royce shares as preferred by Rolls-Royce.

Completion is expected before the end of 2017. The first payment will be made 16 business days post-closing in early 2018 and the consideration will be in the form of shares. The decision on the form of subsequent payments will be determined as each individual payment falls due.

Image result for Industria de Turbo Propulsores SA

Rolls-Royce’s vision is to be the market-leader in high performance power systems where our engineering expertise, global reach and deep industry knowledge deliver outstanding customer relationships and solutions. We operate across five businesses: Civil Aerospace, Defence Aerospace, Marine, Nuclear and Power Systems.

Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 4,000 marine customers including 70 navies, and more than 5,000 power and nuclear customers.

We have three common themes across all our businesses:

  • Investing in and developing engineering excellence
  • Driving a manufacturing and supply chain transformation which will embed operational excellence in lean, lower-cost facilities and processes
  • Leveraging our installed base, product knowledge and engineering capabilities to provide customers with outstanding service through which we can capture aftermarket value long into the future.


Loading comments for Rolls-Royce obtains final approval for acquisition of ITP...


Recommended

Sheremetyevo temporarily closes passenger Terminal D

Sheremetyevo International Airport will temporarily close Terminal D for arrivals and departures beginning at 00:00 hours on April 1, 2020. The closure will last until further notice.&n...

Airbus realises new supplies to support Europe fight against COVID-19

Airbus has deployed a new air-bridge flight between Europe and China to deliver additional face mask supplies to France, Germany, Spain and United Kingdom health systems in support of the COVID-19 cri...

Russia suspends air flights with other countries

Chairman of Russia’s Government Mikhail Mishustin on Thursday ordered the Federal Air Transport Agency (Rosaviatsiya) to cease regular and charter flights from Russian airports to foreign countr...

Munich Airport in crisis mode

Due to the travel restrictions and the drastic reductions in available flights resulting from the coronavirus pandemic, Munich Airport is currently experiencing massive decreases in every area. The nu...