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Rolls-Royce close to selling Spanish aircraft parts business to private equity groups

A final announcement about the winning bid could come in just a few weeks

Rolls-Royce Holdings PLC -

Rolls-Royce Holdings PLC (LON:RR.) has whittled down potential buyers of its Spanish aircraft parts maker ITP Aero down to two private equity companies.

Bain Capital and Cinven are reported to be the remaining bidders for the FTSE 100 group's subsidiary, after rivals KKR and Towerbrook Capital dropped out of the bidding process, according to Bloomberg sources.

Bain, which is also in the process of trying to buy insurer =LV, and Cinven, which has agreed a bid for FTSE 250-listed Sanne, are apparently looking to snap up ITP Aero for close to €1.5bn.

According to the sources, a final announcement about ITP Aero's winning bid could come in just a few weeks.

Rolls-Royce has been forced to make divestments as it looks to drum up extra cash after suffering from a lack of demand from its airline customers during the Coronavirus pandemic, having already axed more than 7,000 workers.

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