Rolls-Royce completes energy division sale
Rolls-Royce has completed the £785m sale of its energy gas turbine and compressor business to Siemens.
The Derby-headquartered group also received a further £200m for a 25-year licensing agreement, granting Siemens access to relevant Rolls-Royce technology.
Rolls-Royce announced plans to sell the division, which supplies aero-derivative gas turbines, compressor systems and related services to customers in the oil and gas and power generation sectors, in May.
The transaction was then cleared by the European Commission in August following an investigation into competition. The body confirmed that the transaction did not raise concerns and that a number of competitors would remain in the market following completion of the deal.
As announced in June, Rolls-Royce will return the proceeds of the deal to shareholders through a £1bn share buyback.