LONDON—Rolls-Royce said it had agreed to sell its Spanish unit ITP Aero to a consortium led by Bain Capital Private Equity for 1.7 billion euros ($2 billion), helping the British engineering group hit its 2 billion pound target for disposals. The sale, announced on Monday, sent Rolls-Royce shares soaring 11 percent to 148 pence, their highest level since March 2020 in the early weeks of the pandemic, on the view that recovery of Britain’s most famous industrial name is underway. Last year Rolls-Royce was floored by the COVID-19 pandemic as its airline customers stopped flying, resulting in a perilous few months before the company raised more cash and secured huge loans. To repair its balance sheet, it announced a 2 billion pound disposal plan in August 2020, with ITP the biggest asset on the block. The sale announced on Monday will help boost investor confidence in the group’s recovery, and …