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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
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.
Rolls-Royce to sell engine division for £53m - after earlier Russia deal blocked on security grounds
Previous deal to sell business to Russian-based TMH Group for 150m euros was blocked last spring
09:50, 4 AUG 2021
Updated
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