Shares soar as, along with ITP Aero sale, firm wins multibillion-dollar contract from US air force
Rolls-Royce has sold its Spanish business for €1.7bn and won a multibillion-dollar contract from the US air force, prompting a FTSE 100 leading share price surge as investors cheered signs of the jet engine maker’s post-pandemic recovery.
Shares in Rolls-Royce soared by more than 10% on Monday, sending the company’s stock to its highest level since the early weeks of the Covid crisis in March 2020 after the company announced the sale of its Spanish ITP Aero unit to a consortium led by the US private equity firm Bain Capital.
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