LONDON (Reuters) – Britain’s Rolls-Royce Group announced Monday the purchase of 53.1 percent of the Spanish Industria de Turbo Propellers (ITP) who was in hands of Spanish engineering group SENER amounting to 720 million euros.
In a joint statement, the companies said that the agreement offers flexibility to settle up to half the payment in shares of Rolls-Royce.
It is expected that the payment is settled within two years and that the transaction will close early next year after the required approvals year.
ITP, a Basque company dedicated to the design and manufacture of aircraft engines based in Bilbao, has been a member of Rolls-Royce in all programs of Trent engines.
It is headquartered in Bilbao and employs 3,000 people
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