Rolls-Royce sells gas turbine and compressor business to Siemens
Rolls-Royce said it has completed the deal to sell its Energy gas turbine and compressor business to Siemens for £785 million.
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, granting Siemens access to relevant Rolls-Royce aero-derivative technology for use in the 4 to 85 megawatt power output gas turbine range.
As reported earlier in June, Rolls-Royce will return the proceeds of the Energy sale to shareholders by way of a £1bn share buyback.
Press Release; Image: Rolls-Royce