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Rolls Royce Gets Final Approval For ITP Acquisition

LONDON (Alliance News) - Rolls-Royce Holdings PLC on Thursday said it has obtained approval to ...

Alliance News 7 December, 2017 | 4:02PM
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LONDON (Alliance News) - Rolls-Royce Holdings PLC on Thursday said it has obtained approval to acquire the outstanding 53.1% shareholding in Industria de Turbo Propulsores SA from SENER Grupo de Ingenieria SA.

The acquisition was first announced in July 2016, and the approval from the authorities in Spain paves the way for Rolls-Royce to conclude the deal.

Earlier in the month Rolls-Royce confirmed the valuation of the 53.1% shareholding stood at EUR 720 million, following its due diligence. This will be paid over a two-year period following completion through eight evenly spaced instalments of equal value.

Rolls-Royce said this agreement with SENER allows flexibility to settle each payment either in cash or in the form of shares as preferred by the company.

The deal is now expected to be completed by the end of the year, and the first payment will be made 16 business days following the completion in early 2018 and will be settled in the form of shares, Rolls-Royce said.

Shares in Rolls-Royce were up 0.1% at 841.00 pence on Thursday.

By Gem Sofianos; gemsofianos@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Rolls-Royce Holdings PLC 823.00 GBX -1.73
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