Rolls-Royce has ended talks with Spanish technology company Indra about the potential sale of a majority stake in the former’s Bilbao-based subsidiary ITP Aero.
The UK engine maker states that discussions “have ended without agreement between the parties”. R-R did not state hy the deal fell through.
It states: “ITP Aero will remain a separately reported business segment and a core part of Rolls-Royce.”
In June, the engine maker confirmed that it received a “a preliminary and conditional indication of interest” from Indra to acquire a shareholding in ITP.
R-R took full control of ITP in 2017, when it acquired a 53% stake from Spanish group Sener.
ITP supplies components for a range of commercial, defence and industrial gas turbine programmes at R-R and other engine manufacturers.