De La Rue to Go Private in £273m Acquisition by US Firm
Deal News | Apr 15, 2025 | Business Cloud
De La Rue plc, a historic British security printing firm founded in 1821 and listed on the London Stock Exchange since 1947, is set to be acquired by the US-based buyout firm, Atlas Holding, in a transaction valued at £273 million. The deal comprises a cash offer of 130 pence per share for the company's currency division, representing a 19% premium over its recent closing price. The acquisition does not include De La Rue’s authentication division, which is being sold to Crane NXT for £300 million with the deal expected to complete in May 2025. The acquisition comes amid growing pressures from the company’s largest shareholder, Crystal Amber, advocating for divestment, and continues De La Rue's ongoing transformation strategy after losing its UK passport printing contract in 2020. De La Rue's leadership, including CEO Clive Vacher and Chairman Clive Whiley, have lauded the transaction as securing a stable future for the company. Atlas, an investor with a diversified portfolio in multiple sectors, is seen as a strong partner in leading De La Rue towards further growth and stability.
Sectors
- Printing and Security Documentation
- Private Equity
Geography
- United Kingdom – De La Rue is headquartered in Basingstoke, UK, and has been a prominent UK-listed company.
- United States – Atlas Holdings, the acquiring firm, is based in the United States.
Industry
- Printing and Security Documentation – De La Rue is a security printing firm specializing in printing banknotes and other secure documents.
- Private Equity – The acquisition of De La Rue by Atlas Holdings, a private equity firm, pertains to the private equity investment sector.
Financials
- £273m – Total deal value for the acquisition of De La Rue by Atlas Holdings.
- 19% – Premium offered per share for De La Rue's currency division.
- £300m – Deal value for the sale of De La Rue's authentication division to Crane NXT.
- £15.4m – Losses before tax for De La Rue in the year to 30th March 2024.
- $18bn – Combined revenues of Atlas Holdings' diversified businesses.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| De La Rue plc | Target Company | Company | A security printing firm listed on the London Stock Exchange, known for producing banknotes and secure documents. |
| Atlas Holdings | Acquiring Company | Company | A US-based private equity firm with investments in manufacturing and distribution sectors. |
| Crystal Amber | Activist Investor | Company | Largest shareholder of De La Rue advocating for its strategic realignment. |
| Crane NXT | Buyer | Company | US-based company acquiring De La Rue's authentication division. |
| Clive Vacher | CEO | Person | Chief Executive Officer of De La Rue. |
| Clive Whiley | Chairman | Person | Chairman of De La Rue. |
| Gemalto | Competitor | Company | Company that won the UK passport contract, previously held by De La Rue. |