By Elena Vardon
De La Rue entered into a share-purchase agreement with industrial technology company Crane NXT for the sale of its authentication division for an enterprise value of 300 million pounds ($386.9 million).
The British software firm and bank note printer agreed to sell the unit to U.S.-based crane NEXT in October.
All conditions to the exercise of options granted under the put and call agreement between the two entities have been satisfied or waived, allowing them to enter the share-purchase agreement, the London-listed group said on Monday.
De La Rue said the sale of the division is now expected to complete on May 1. Out of the total consideration, 15 million pounds will be held for escrow for up to a year and a half after the deal's completion and 30 million pounds will be paid to the trustee of the group's defined benefit pension scheme. Part of the cash will be used repay its revolving credit facility in full, it said.
The company said it continues to be in talks that could result in cash offers for the company or its currency division. It began a formal sale process in early February after receiving multiple offers.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
April 07, 2025 02:21 ET (06:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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