LONDON: De La Rue plc announced Monday that all conditions for the sale of its Authentication division to Crane NXT have been satisfied, finalizing a deal first proposed in October 2024.
The British security printing company said its subsidiary, De La Rue Holdings Limited, has entered into a share purchase agreement with Crane NXT, a subsidiary of Crane NXT Co., for the sale of the division. The transaction is expected to close May 1, 2025.
Under the terms of the agreement, Crane NXT will pay £300 million ($375 million) in cash to De La Rue Holdings. Of that amount, £15 million (5% of the enterprise value) will be held in escrow for up to 18 months, while £30 million will be allocated to the company’s pension scheme as an accelerated deficit repair contribution. A portion of the proceeds will also be used to fully repay the group’s revolving credit facility.
The final consideration may be adjusted post-completion to account for working capital normalization, the company said.
De La Rue also noted that discussions regarding a potential sale of its Currency division remain ongoing as part of a formal sale process announced Feb. 4, 2025. The company said it would provide updates as appropriate.
De La Rue, best known for producing banknotes and passports, has been restructuring its business amid financial pressures. The sale of its Authentication division marks a key step in its strategic realignment.