(Bloomberg) -- MTU Aero Engines AG is exploring a bid for ITP Aero, the Spanish aircraft parts supplier being sold by Rolls-Royce Holdings Plc, people familiar with the matter said.
The German engine manufacturer, which is working with advisers, would face stiff competition from several private equity firms, the people said. Rolls-Royce is launching the sale this week, according to the people, who asked not to be identified because discussions are private.
MTU spokesman Eckhard Zanger said that while the company’s long-term strategy is generally focused on organic growth, “we observed the situation at ITP and took notice that Rolls-Royce has announced a disinvestment.” He declined to comment specifically on a potential bid.
A spokesman for Rolls-Royce declined to comment.
The London-based manufacturer is seeking to divest the Spanish unit as part of a plan to raise more than 2 billion pounds ($2.7 billion) from asset disposals as the pandemic hits core revenue from wide-body engine sales and maintenance. MTU already partners with ITP on projects including the narrowbody A320neo engine, the A400M military transport aircraft and the Eurofighter jet.
Carlyle Group, CVC Capital Partners, KKR & Co. and a consortium of Towerbrook Capital Partners and Onex Corp. are among buyout firms interested in ITP Aero, Spanish newspaper El Economista reported earlier, citing unidentified people in the financial industry. The business could fetch about 1.5 billion euros ($1.8 billion), the publication reported.
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
