(Bloomberg) -- Most Read from BloombergHow Los Angeles Became the City of DingbatsWhy the Gaza Strip May Be the City of the FutureThe Rise of the Pandemic DashboardSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesA Jewish Tradition Makes Room for Unconventional DesignRolls-Royce Holdings Plc agreed to sell its ITP Aero unit in Spain to a group led by Bain Capital for 1.7 billion euros ($2 billion), netting the British jet-engine maker much-needed cash to help it recover from the c
Shares in Rolls-Royce leapt by more than 10% immediately after the announcement.
LONDON (Reuters) -Rolls-Royce said it had agreed to sell its Spanish unit ITP Aero to a consortium led by Bain Capital Private Equity for 1.7 billion euros ($2 billion), helping the British engineering group hit its 2 billion pound target for disposals. The sale, announced on Monday, sent Rolls-Royce shares soaring 11% to 148 pence, their highest level since March 2020 in the early weeks of the pandemic, on the view that recovery of Britain's most famous industrial name is underway. Last year Rolls-Royce was floored by the COVID-19 pandemic as its airline customers stopped flying, resulting in a perilous few months before the company raised more cash and secured huge loans.