US private equity firm Atlas Holdings has agreed to acquire De La Rue, the iconic British banknote printer, in a £263m deal, marking the end of the company’s listing on the London Stock Exchange.

The offer, set at 130p per share, represents a 19% premium to the company’s share price prior to the start of the offer period in December 2024.

The transaction excludes De La Rue’s authentication division, which is being sold separately to Crane NXT in a £300m deal. Together, the transactions conclude a wide-ranging transformation strategy led by De La Rue Chairman Clive Whiley, who joined the company less than two years ago.

“In a little under two years since I joined De La Rue, we have made profound changes which have benefitted all stakeholders,” said Whiley. “This offer from Atlas being announced today is the final step in this successful process… securing full and complete value realisation and security for all of today’s stakeholders across our financiers, pension trust, employees and shareholders.”

Atlas Holdings will retain De La Rue’s core banknote printing business, which supplies currency to central banks worldwide and operates manufacturing sites in the UK, Kenya, Malta, and Sri Lanka. The company’s long-standing contract with the Bank of England runs through 2028.

Peter Bacon, a partner at Atlas Holdings, expressed optimism about De La Rue’s prospects under private ownership. “We believe that our strategic resources and capital will be able to support and enhance the De La Rue business going forward,” he said. “As a private company, not bound by periodic public reporting, we will be able to focus on the optimal long-term strategy for De La Rue.”

Founded in 1813, De La Rue has been a pillar of the UK’s industrial and financial infrastructure for over two centuries. The company printed UK passports until 2018 and was responsible for producing postage stamps and playing cards during its earlier years. Its delisting underscores the growing trend of private equity buyers acquiring legacy UK-listed companies amid shifting global capital flows.

Source: MSN