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American private equity giants circling Rolls-Royce's £1bn Spanish business
By DAILY MAIL CITY & FINANCE REPORTER
PUBLISHED: 21:51 BST, 26 July 2020 | UPDATED: 21:51 BST, 26 July 2020
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American private equity giants are circling Rolls-Royce's £1billion Spanish business.
KKR, Carlyle and Blackstone are understood to be vying for ITP Aero, which makes parts for the Eurofighter Typhoon jet.
Rolls was keen to sell a stake in the division to a Spanish technology group last year – but the talks collapsed. ITP was valued at £1.4billion at that time, but is thought to now be worth less.
+1
Strapped for cash: Rolls-Royce was keen to sell a stake in the division to a Spanish technology group last year
A sale of ITP has been rumoured to be happening for several weeks.
It comes as Rolls is desperately looking for ways to raise cash and cut costs after air travel plunged during the cornonovirus pandemic – with measures including cutting 9,000 of the company's 52,000- strong workforce.
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Boss Warren East last week said the FTSE 100-listed company hasn't ruled out raising money by selling shares – and is thought to be preparing to tap investors for as much as £2billion.
Its share price has fallen by more than 60 per cent so far this year.
By DAILY MAIL CITY & FINANCE REPORTER
PUBLISHED: 21:51 BST, 26 July 2020 | UPDATED: 21:51 BST, 26 July 2020
View comments
American private equity giants are circling Rolls-Royce's £1billion Spanish business.
KKR, Carlyle and Blackstone are understood to be vying for ITP Aero, which makes parts for the Eurofighter Typhoon jet.
Rolls was keen to sell a stake in the division to a Spanish technology group last year – but the talks collapsed. ITP was valued at £1.4billion at that time, but is thought to now be worth less.
+1
Strapped for cash: Rolls-Royce was keen to sell a stake in the division to a Spanish technology group last year
A sale of ITP has been rumoured to be happening for several weeks.
It comes as Rolls is desperately looking for ways to raise cash and cut costs after air travel plunged during the cornonovirus pandemic – with measures including cutting 9,000 of the company's 52,000- strong workforce.
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Share
Boss Warren East last week said the FTSE 100-listed company hasn't ruled out raising money by selling shares – and is thought to be preparing to tap investors for as much as £2billion.
Its share price has fallen by more than 60 per cent so far this year.
