De La Rue plc has announced that its subsidiary, De La Rue Holdings, has entered into a definitive agreement to sell the company’s Authentication Division to Crane NXT, Co. for a cash consideration of £300 million. This transaction, which will unlock significant capital for De La Rue, is expected to benefit all stakeholders and provide greater financial flexibility for the Group.
As part of the deal, 5% of the sale amount will be held in escrow for up to 18 months following the completion of the transaction. The sale aligns with De La Rue’s broader strategy of focusing on its core operations and optimizing its financial position. The proceeds from the sale will be used to repay the Group’s existing revolving credit facility, enabling De La Rue to achieve a net cash position. Additionally, the transaction will allow the company to make a £30 million accelerated contribution to its legacy defined benefit pension scheme, significantly reducing the scheme’s deficit. De La Rue has also committed to an additional £12.5 million in contributions to the pension scheme through April 2027.
The board of De La Rue sees the American Company Crane NXT as an ideal buyer, particularly after Crane’s recent acquisition of OpSec. This deal is expected to provide a seamless transition for the Authentication Division’s employees and customers, while also reinforcing Crane NXT’s growing portfolio.
With the completion of this sale, anticipated in the first half of 2025 pending regulatory approvals and an internal reorganization, De La Rue will be better positioned to focus on its profitable Currency Division, a leader in the global market. This strategic move is set to enhance the company’s long-term stability and flexibility for the benefit of shareholders and other stakeholders.
De La Rue, founded in 1821, is a globally recognized leader in security printing, providing currency and authentication solutions to governments and businesses worldwide. The company’s Currency Division is renowned for its production of banknotes and anti-counterfeiting technologies, making it a major player in the global currency market. Over its two-century history.
Crane NXT, part of Crane Co., is a rapidly expanding technology and security company that specializes in advanced solutions for authentication, brand protection, and secure transactions. With its recent acquisition of OpSec, Crane NXT has strengthened its portfolio in the authentication sector, positioning itself as a leader in providing secure technologies for brands, governments, and financial institutions. The acquisition of De La Rue’s Authentication Division is expected to further enhance Crane NXT’s capabilities and expand its global reach.
