Crane NXT, an industrial technology company listed in New York, was on the verge of completing the acquisition of De La Rue’s authentication division on Monday night, according to exclusive information obtained by News.
If approved, the acquisition will leave the London-listed business as a pure-play currency printer with over 40 central banks as customers worldwide.
According to sources, the deal’s worth would probably be seen as a win for De La Rue, whose balance sheet has been struggling for years.
One further stated that De La Rue’s debt will be paid off as part of the deal with Crane NXT, and an undisclosed amount would be put to the company’s pension plan.
De La Rue had to postpone tens of millions of pounds’ worth of contributions into its retirement fund last year in order to give its pension trustees some breathing room.
Soon after, the company appointed seasoned corporate troubleshooter Clive Whiley as chairman with the goal of repairing its damaged finances.
For months, De La Rue has been considering a split; in June, News reported that Crane NXT was collaborating with Goldman Sachs on a potential bid for its authentication division.
