Rolls-Royce Holdings plc Agreement to sell stake in AirTanker Holdings (4867L)
13 September 2021 - 4:00PM
UK Regulatory
TIDMRR.
RNS Number : 4867L
Rolls-Royce Holdings plc
13 September 2021
13(th) September 2021
ROLLS-ROYCE AGREES TO SELL STAKE IN AIRTANKER HOLDINGS TO
EQUITIX INVESTMENT
MANAGEMENT LIMITED
Rolls-Royce (LSE:RR., ADR:RYCEY) announces the agreed sale of
its 23.1% shareholding in AirTanker Holdings Limited to Equitix
Investment Management Limited for cash proceeds of GBP189m,
including the repayment of shareholder loans and accrued and
deferred interest of approximately GBP47m, subject to any routine
closing adjustments and before transaction costs. The transaction
is expected to complete by the end of the first quarter of 2022,
subject to regulatory approvals. There is no merger control
condition. Proceeds will be used to reduce net debt. Remaining
AirTanker shareholders have pre-emption rights over the Rolls-Royce
shares and loan notes.
AirTanker Holdings Limited, a joint venture with Airbus,
Babcock, and Thales, owns 14 A330-200 Voyager aircraft which are
powered by Trent 772B engines, a derivative of the Trent 700
engine. The Voyager aircraft support air-to-air refuelling, air
transport and ancillary services for the UK Ministry of Defence.
This fleet is operated by AirTanker Services Limited, in which we
will continue to be a 23.5% shareholder. We will also continue to
provide servicing and maintenance for the fleet of Rolls-Royce
engines that power the Voyager aircraft to support the Royal Air
Force.
Tom Bell, President Rolls-Royce Defence, said: "We are honoured
to power the Voyager fleet. Through our continued ownership
position in AirTanker Services, the Royal Air Force can rely on us
to support its mission critical operations with our Trent 700
derivative engines. The sale of our shareholding in AirTanker
Holdings is another important step towards achieving our Group
target to generate at least GBP2bn from disposals, as announced
last year, to help rebuild our Group balance sheet in support of
our medium-term ambition to return to an investment grade credit
profile."
For further information, please contact:
Media
Hannah Wood
External Communications and Marketing Manager, Defence UK and
International
Tel +44 (0)7747 203653
hannah.wood@rolls-royce.com
Investors
Isabel Green
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
Isabel.Green@Rolls-Royce.com
www.rolls-royce.com
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers the power that matters to connect, power
and protect society. We have pledged to achieve net zero greenhouse
gas emissions in our operations by 2030 (excluding product testing)
and joined the UN Race to Zero campaign in 2020, affirming our
ambition to play a fundamental role in enabling the sectors in
which we operate achieve net zero carbon by 2050.
2. Rolls-Royce has customers in more than 150 countries,
comprising more than 400 airlines and leasing customers, 160 armed
forces and navies, and more than 5,000 power and nuclear
customers.
3. Annual underlying revenue was GBP11.76 billion in 2020 and we
invested GBP1.25 billion on research and development. We also
support a global network of 28 University Technology Centres, which
position Rolls-Royce engineers at the forefront of scientific
research.
4. Rolls-Royce Holdings plc is publicly traded company (LSE:
RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)
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