Rolls-Royce has received approval from Spanish authorities for its acquisition of the remaining 53.1% stake in engine components maker Industria de Turbo Propulsores (ITP), thus removing the final regulatory hurdle and allowing the transaction to complete before the end of 2017.
Rolls-Royce announced in July 2016 that it was to buy out its joint venture partner Sener Grupo de Ingenieria, which held the majority share in the company.
The companies reached an agreement in November 2016 on the value of Sener’s stake, with a valuation of EUR720 million (USD763 million).
Payment is to come over a two-year period with the first settlement (in Rolls-Royce shares) to be made 16 days after the closure of the transaction.
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