Bain Capital Private Equity, LP, Sapa Placencia S.L. and JB Capital Markets, Sociedad de Valores, S.A. agreed to acquire Industria de Turbo Propulsores S.A. from Rolls-Royce Holdings plc (LSE:RR.) for approximately €1.7 billion on September 27, 2021. Industria de Turbo Propulsores S.A. reported revenue of €735 million and EBIT of €40 million as of December 31, 2020. ITP Aero will be an independent business led by current Chief Executive Officer Carlos Alzola with headquarters and decision making remaining in Zamudio, Spain. The transaction is subject to certain closing conditions, including customary regulatory clearances such as approval by the Council of Ministers. The foreign investments team has taken an active part in this transaction. The transaction has been approved by the Board of Rolls-Royce and the consortium members. As of August 3, 2022, Spanish government has approved the sale of ITP Aero to a consortium of investors led by Bain Capital Private Equity and this approval follows the approval of all other relevant regulatory authorities. The transaction is expected to close in the first half of 2022. As of August 3, 2022, the transaction is expected in the coming weeks. Upon completion, sale proceeds(excluding any cash retained by Rolls-Royce) of approximately €1.7 billion will be used to help rebuild the Rolls-Royce balance sheet, in support of our ambition to return to an investment grade credit profile in the medium term.

Javier Villasante and Javier Martí-Fluxá of Cuatrecasas acted as legal advisor to Bain Capital Private Equity, LP. Juan Carlos Machuca, Blanca Arlabán, Jaime Folguera Manuel Vélez, and Manuel Echenique of Uría Menéndez Abogados, S.L.P. acted as legal advisor to Rolls-Royce Holdings plc. Benjamin Leyendecker, Ranesh Ramanathan, Neel V. Sachdev, Sam Sherwood, Eric J. Wedel, Matthew N. Leist, Tim Cruickshank, Timothy Lowe, Sam Trowbridge, John Patten, Paula Riedel, Annie Herdman, Athina Van Melkebeke, Rory Mullarkey, and Jacob Traff of Kirkland & Ellis LLP acted as legal advisor to Bain Capital Private Equity, LP. Ernst & Young Global Limited acted as due diligence provider to Rolls-Royce Holdings plc.