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

Falcon Aviation and Leonardo Helicopters partner for new helicopter offshore and onshore contract for Kuwait Oil Company

Falcon Aviation, one of the UAE’s leading aviation companies specialising in business aviation services, charter and aircraft management, confirmed today (17th January 2018) at the Kuwait A...

Gediminas Ziemelis: Despite paying $164 M, Bombardier continues to risk human lives

On 10 of January Polish national carrier LOT flight LO 3924 crash-landed at Warsaw’s Chopin airport when Bombardier Dash 8 Q400 nose gear did not lock. It was the ninth similar happening with th...

Airbus will maintain its commercial aircraft market leadership

Airbus benefits from the strengths of employees and a global industrial system Airbus will continue its commercial aircraft leadership in 2018 and beyond – building on the company’s rec...

AsBAA and Asian Sky Group announce marketing partnership

Hong Kong business aviation consulting firm Asian Sky Group (ASG) has been appointed as the official marketing partner of AsBAA, Asia’s non-profit representative association for business and gen...