Rolls-Royce said it would take full control of one of its key Spanish aerospace partners in a deal worth €720m (£615m, $794m).

The UK-based firm said it had agreed a deal to buy the 53.1% shareholding in aircraft engine and components firm Industria de Turbo Propulsores (ITP), owned by engineering and construction group SENER Grupo de Ingeniería.

Rolls-Royce said the purchase strengthens its long-term aftermarket revenues, including from the high volume Trent 1000 and Trent XWB engines, where ITP has been a key risk and revenue sharing partner.

The maintenance of engines after they have been sold to carriers, up to 30 years, is a lucrative part of the aerospace industry.

Rolls-Royce added the deal would also boost its defence programmes, such as the TP400, the world's most powerful turboprop developed for use on the A400M Airbus military transport aircraft.

Rolls-Royce chief executive Warren East said: "ITP has been a trusted partner for Rolls-Royce over many years as well as working for other engine manufacturers. This investment will add to our aerospace capability, with excellent facilities, services and products, to generate additional opportunities for profitable growth."

ITP chief executive Ignacio Mataix added: "The acquisition will create new growth opportunities, while maintaining our current portfolio and strengthening our global position."

Rolls-Royce said it will pay the fee over two years following the completion of the deal in eight equal, evenly spaced instalments, with the option to take up to half the consideration in the form of Rolls-Royce shares. Completion is expected in early 2017, subject to regulatory clearances.

ITP is based in Bilbao in Spain and employs more than 3,000 people worldwide. The firm made sales of €710m last year, which produced €59m of profit after tax.