FTSE 100-listed defence aerospace and energy giant Rolls-Royce has reached an agreement to sell its shareholding and interest in the RTM322 helicopter engine programme to Turbomeca, a Safran company.
Rolls-Royce said that its 50% interest in the engine programme would be progressively transferred to Turbomeca, which would then hold 100% of the RTM322 programme.
Rolls-Royce would receive a cash consideration of €293m for its shareholding and interest in the programme, the group added.
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Under the terms of the agreement, Turbomeca will assume full responsibility for the design, production and support of the RTM322 engine, which powers the Apache, EH101 Merlin and NH90 helicopters.
The group said that the RRTM Adour engine programme and other helicopter engine programmes in the Rolls-Royce portfolio would be unaffected by the agreement.
The sale is expected to complete before year end, subject to closing conditions.
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