Rolls-Royce signs agreement to sell its Bergen Engines business to Langley Holdings 7:23 am
Rolls-Royce Holdings plc (LON:RR) has signed an agreement to sell its Bergen Engines medium speed liquid fuel and gas engines business to global engineering group Langley Holdings plc for an enterprise value of €63m. Langley is funding the deal, together with working capital requirements for the Bergen business going forward, from existing cash reserves.
The agreed sale of Bergen Engines is a part of our ongoing portfolio management to create a more focused group and follows a strategic review of Bergen Engines. It contributes towards our target to generate at least £2bn from disposals, as announced last year. Sale proceeds of €70m from the transaction together with €40m of cash currently held within Bergen Engines which is to be retained by Rolls-Royce, will be used to help rebuild the Rolls-Royce balance sheet in support of our medium-term ambition to return to an
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4 August 2021 | 07:14am
StockMarketWire.com - Aerospace engineer Rolls-Royce said it had agreed to sell its Bergen Engines medium-speed liquid fuel and gas engines business to Langley for €63 million, including debt.
Rolls-Royce said the sale was part of ongoing portfolio management efforts to create a more focused group and followed a strategic review of Bergen Engines. It contributes towards our target to generate at least £2 billion from disposals, as announced last year, the company said.
Sale proceeds of €70 million from the transaction, together with €40 million of cash currently held within Bergen Engines, would be used to help rebuild the Rolls-Royce balance sheet.
By David Kaminski-Morrow2021-08-04T07:23:00+01:00
Rolls-Royce is progressing with its strategy to raise some £2 billion from divestments, having agreed to sell a non-core Norwegian gas and diesel powerplant business to engineering group Langley Holdings.
The sale of Bergen Engines – which has strong links to Kongsberg Maritime – has been achieved five months after the Norwegian government interrupted a previous planned sale to TMH Group.
Norway’s government blocked the sale at the end of March this year over TMH Group’s links with Russian entities, citing the need to ensure that national security interests were not threatened.
It pointed out that the technology in Bergen Engines’ possession would have “great military strategic significance” to Russia and would strengthen Russia’s military capabilities.
Robinhood shares surge 60pc on IPO price
Vlad Tenev and Baiju Bhatt, co-founders of Robinhood, attend their company s IPO at the Nasdaq in New York s Times SquareÂ
Credit:
BRENDAN MCDERMIDÂ /ReutersÂ
Shares in stock trading app Robinhood skyrocketed as much as 80pc in early trading on Tuesday, forcing US markets to halt buying amid fears of another speculative bubble, reports my colleague
Matthew Field.Â
After listing last Thursday at a valuation of around $32bn, shares in Robinhood slipped on their first day of trading. But the company has since surged to a market cap of over $50bn. Its shares jumped as high as $85, up from their float price of $38.