Rolls Royce Holding Plc (OTCMKTS:RLLCF), the British engineering behemoth, was in focus among investors on Friday after the company announced that it had fruitful talks with Spain with regards to the sale of ITP Aero.
ITP Aero is the company’s Spanish unit and the latest announcement came as a significant boost for the company since there had been reports that the authorities in Spain might block the sale. After the emergence of the news, the Rolls Royce stock soared by as much as 26%.
The company had decided to sell assets to the tune of $2.8 billion in order to strengthen its balance sheet following the pandemic. Rolls Royce is hoping that it is going to get as much as $1.8 billion from the sale of ITP Aero alone. The company had made the announcement after it had been reported earlier on in the day that the sale could be blocked if the buyer could not offer some sort of guarantee about the future of ITP Aero.