Rolls and Babcock sell

RoLLS-Royce and Babcock International have sold their stakes in a company that owns a fleet of RAF planes which aided the evacuation from Afghanistan.

The companies owned a combined 39pc of Airtanker Holdings, which has 14 Voyager air-to-air refuelling and military transport planes.

They have sold their stakes to private equity group Equitix Investment Management, which is majority-owned by US firm TFG, for £315m.

The sale means that Airtanker will be entirely owned by foreign investors for the first time.

Rolls and Babcock will use the cash from the sale to prop up finances as they restructure.