Rolls-Royce (OTC: RYCEY) announces the completion of the sale of our Bergen Engines business to Langley Holdings plc for an enterprise value of €63m. The completion of the transaction, which was announced on 3 August 2021, follows the conclusion of work to separate the business from the Group.
Sale proceeds of €91m from the transaction, together with €16m of cash held within Bergen Engines which has been retained by Rolls-Royce, will be used to help rebuild the Rolls-Royce balance sheet in support of our medium-term ambition to return to an investment grade credit profile. In 2020, Bergen Engines generated revenues of approximately €200m with the assets and liabilities of the business presented as held for sale in the Rolls-Royce Holdings plc consolidated balance sheet.