NEW YORK (TheStreet) -- Shares of Rolls-Royce (RYCEY) are jumping, up 7.33% to $93.30, after the British aero-engine maker today committed to a share buyback of 1 billion pounds, or $1.69 billion, subject to the completion of the sale of its Energy gas turbine and compressor business to Siemens (SIEGY).
The sale was announced last month and is expected to be completed by year's end.
Rolls-Royce CEO John Rishton said: "As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders".
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