Rolls-Royce, one of the oldest firms in Europe manufacturing planes and luxury cars, has agreed to acquire the remaining 50% stake in Rolls-Royce Power Systems (RRPS), a provider of high-speed and medium-speed reciprocating engines, complete propulsion systems and distributed energy solutions from Daimler, a German multinational automotive corporation for €2.4bn ($3.3bn). The acquisition of Daimler’s shares will allow Rolls-Royce to strengthen RRPS by contributing more of its own activities and technologies. On the basis of long-term supply agreements, Daimler will continue to be an important supplier of heavy-duty and medium-duty diesel engines to RRPS going forward. "Rolls-Royce Power Systems has added scale and capability to our reciprocating engines business. It has outstanding technology, operates in long term growth markets and has proved a valuable addition to our Marine and Industrial Power Systems division," John Rishton, Rolls-Royce CEO.