Rolls-Royce confirmed today that it has completed the deal to sell its Energy gas turbine and compressor business to Siemens for a £785 million cash consideration. The deal was originally announced on 6 May this year.
Rolls-Royce has also received a further £200 million for a 25 year licensing agreement, as previously announced, granting Siemens access to relevant Rolls-Royce aero-derivative technology for use in the 4 to 85 megawatt power output gas turbine range.
As announced on 19 June, Rolls-Royce will return the proceeds of the Energy sale to shareholders by way of a £1 billion share buyback. Further details will be announced as appropriate.