Banknote maker De La Rue plc (DLAR.L) announced Tuesday that its unit De La Rue Holdings has entered into a definitive agreement for the sale of Authentication Division to Crane NXT, Co. (CXT) in a cash deal for an enterprise value of 300 million pounds.
It is currently expected that the completion of the sale will occur during the first half of 2025, subject to a number of conditions.
Following the closure, De La Rue is expected to comprise the Group's profitable Currency Division, a market leader in its field, with net cash on the balance sheet
The company noted that of the cash consideration, 5 percent need to be held in escrow for up to 18 months following completion of the transaction.
The deal follows an extensive and wide-reaching process conducted by the Board of De La Rue.
De La Rue expects the sale proceeds will create a more resilient and flexible Group, by repaying existing revolving credit facility in full and reducing leverage to a net cash position. The company will also be significantly reducing the deficit on its legacy defined benefit pension scheme.
De La Rue has also agreed to pay an additional 12.5 million pounds in deficit repair contributions to the Pension Scheme over the period to April 2027, which will further reduce the Pension Scheme deficit.
Clive Whiley, Chairman of De La Rue, stated, "Completion of the sale will allow us to repay our existing revolving credit facility in full ahead of its maturity on 1 July 2025 and will provide a springboard to unlock further intrinsic value as we move to find a long-term funding solution for the Group's legacy defined benefit pension scheme. In addition, we will be able to focus fully on building and growing our world-leading Currency business."
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