Rolls-Royce Holding plc (OTCMKTS: RYCEY) To Sell Its Stake In AirTanker For £189 Million

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Rolls-Royce Holding plc (OTCMKTS: RYCEY) and Babcock International Group Plc have sold their 39%  interest in AirTanker Holdings Ltd for $435 million, with the UK company looking to enhance its depleted balance sheets.

Rolls-Royce selling its 23% stake in AirTanker 

According to a release on Monday, Equitix Investment Management Ltd. will pay £189 million for Rolls’ 23.1% interest in the air-to-air refueling firm, which serves the Royal Air Force of the United Kingdom, and £126 million for Babcock’s 15.4% stake. The repayment of shareholder loans is included in both figures.

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Rolls-Royce and Babcock have begun recovery efforts and are selling assets in order to concentrate on their core businesses. After the coronavirus affected demand for its huge airplane engines, Rolls intends to generate more than £2 billion via disposals. Babcock CEO David Lockwood is attempting to raise at least £400 million after years of unsatisfactory results.

Despite selling AirTanker Holdings, Rolls-Royce and Babcock will keep their stakes in the services arm, which offers operational support to the RAF’s 14 converted Airbus SE A330 aircraft, known as Voyagers.

Following the revelation, Roll-Royce shares were up 1%, while those of Babcock jumped 0.8%. Both firms are UK-based. 

Buyers targeting UK aerospace and defense firms 

The UK defense and aerospace companies have become targets for a potential acquisition by various buyers, including Private-equity companies. The government is looking at PE-owned Cobham Ltd.’s proposed takeover of Ultra Electronics Holdings Plc. At the same time, business Secretary Kwasi Kwarteng has indicated that he’s keeping an eye on Parker-Hannifin Corp.’s bid to acquire components supplier Meggitt Plc for £6.3 billion.

According to a statement from Ashurst, the law firm assisting the two manufacturers on the sale, the AirTanker sale depends on regulatory approval and should close by the end of 2021. After that, Airbus SE and Thales SA will continue to control the majority of the business. 

KZN first composite title deed handover boosts Community Prosperity

Shallcross, KwaZulu Natal: KZN will witness their first-ever handover of a composite title deed for the institutional, wholesale benefit of a community in eThekwini Metropolitan Municipality since the start of the ongoing title deed on Tuesday Campaign in September.

Botswana Prison gifts Kgotla Shelter to McCarthy Rust

Botswana: The Kgotla system is a platform for regular discussions, consultations and exchange of ideas on major community or national issues among citizens. Traditionally, it is charged with the responsibility of building the nation and social cohesion, with the wider purpose of promoting harmony among the communities. 

Kenya Green Zones Project to accelerate seedlings production

Kenya: The Green Zones Development Support Project Phase II (GZDSP II) Manager, Jerome Mwanzia has said that the project will build an additional four model tree nurseries with an annual production capacity of 1.5 million seedlings each.

Zambia Air Force commander aims for safer Zambian skies

Zambia: The Zambia Air Force (ZAF) Commander, Lt Gen Colin Barry, Wednesday morning took time to visit the Flying Training School (FTS) in Livingstone and took part in a flight safety training exercise involving the SF260 TW pilot trainer aircraft.

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