Rolls-Royce Holdings PLC (LSE:RR.) has completed the sale of its Norway-based Bergen Engines business to Langley Holdings.
The deal, which was announced on 3 August last year, has an enterprise value of €63mln.
In a statement, Rolls-Royce said proceeds of €91mln from the disposal, together with €16mln of cash held within Bergen Engines which has been retained by Rolls-Royce, will be used to help rebuild the aero engine maker’s balance sheet to return it to an investment grade credit profile.
The sale is part of a disposal programme designed to raise £2bn for Rolls-Royce. The sale covers the Bergen Engines factory, service workshop and foundry in Norway; engine and power plant design capability; and a global service network.
Bergen Engines, which employs more than 900 people worldwide, generated revenues of around €200mln in 2020.
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