(Sharecast News) - Private equity firms Bain Capital and Cinven are reportedly battling it out in the final bidding for Rolls-Royce's ITP Aero division, which could fetch around €1.5bn.
Bloomberg cited people familiar with the matter as saying that the remaining bidders are courting local partners to join their offers for the Spanish aircraft-engine supplier and help win government approval for a deal.
Bain was understood to be planning to join up with a member of a local wealthy family, while Cinven is teaming up with a firm in the Basque region, where ITP is based.
According to Bloomberg, a decision on a winning bidder could be made in the next few weeks. One source said discussions are ongoing with the local authorities around potential roles for a domestic industrial company, or an arm of the Spanish or Basque governments, in the final buyer group.
At 1100 BST, RR shares were up 1% at 110.32p.
Rolls-Royce (RR.)29 Apr 2024 11:20
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