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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
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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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