Rolls-Royce Holdings plc will purchase the outstanding 53.1% shareholding in Industria de Turbo Propulsores SA ("ITP") owned by SENER Grupo de Ingeniería SA ("SENER"). The acquisition strengthens Rolls-Royce's position on its Civil Aerospace large engine growth programmes by capturing significant additional value from its long-term aftermarket revenues, including the high volume Trent 1000 and Trent XWB engines, where ITP has played a key role as a risk and revenue sharing partner. It also enhances the group's manufacturing and services capabilities and adds value to the Defence Aerospace business, particularly on the TP400 and EJ200 programmes.
Rolls-Royce will pay SENER a total consideration of €720m. Under the existing shareholder agreement, consideration will be settled over a two year period. The agreement allows flexibility to settle up to 50% of the consideration in the form of Rolls-Royce shares. Completion, which is subject to regulatory clearances, is expected in early 2017.