By Elena Vardon
Shares in U.K. banknote printer De La Rue jumped after it agreed to sell its authentication business to U.S. industrial technology company Crane NXT for an enterprise value of 300 million pounds ($391.8 million).
At the end of July, De La Rue had cast doubt over its ability to continue operating, citing uncertainty over the sale of its authentication unit and its ability to pay a credit facility due to expire next year.
De La Rue said Tuesday that the proceeds of the sale will be used in part to repay its debt and that the deal would help to maximize the value of its remaining division focused on currency. The funds will also be used to reduce the deficit on its benefit pension scheme and help it explore a long-term solution for it, it said.
Shares opened 24% higher at 117 pence, their highest price in over two years.
The deal is expected to close during the first half of 2025, subject to conditions and approvals.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 15, 2024 03:13 ET (07:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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