LONDON: ACR Bidco, a company wholly owned by Atlas FRM LLC, has agreed to acquire British banknote printer De La Rue in a recommended all-cash deal worth approximately £263 million ($330 million).
Under the terms of the agreement, De La Rue shareholders will receive 130 pence per share. The acquisition will be implemented through a court-sanctioned scheme of arrangement.
Founded 211 years ago, De La Rue is a global leader in secure printing, providing banknotes, passports and anti-counterfeiting solutions to governments and central banks in 140 countries. The company operates in two main divisions: Currency, which produces banknotes and security features, and Authentication, which is set to be sold separately on May 1.
Atlas, a U.S.-based investment firm, specializes in acquiring industrial businesses with strong market positions but undervalued growth potential. The firm said De La Rue’s market-leading currency business aligns with its strategy of long-term, private ownership.
“We believe our strategic resources and capital will support and enhance De La Rue going forward,” said Peter Bacon of Atlas. “As a private company, we can focus on the optimal long-term strategy.”
De La Rue’s board unanimously recommended the offer, calling it a fair outcome for stakeholders. Chairman Clive Whiley said the deal marks the successful conclusion of a two-year turnaround effort.
CEO Clive Vacher added that Atlas provides the stability needed for De La Rue’s next phase of growth.
The acquisition follows a formal sale process initiated by De La Rue in February. Deutsche Numis advised the company on the financial terms of the deal.