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Banknote printer De La Rue PLC has revealed talks to sell up to a 40% stake in the business for £98 million as it also explores a possible sale of the currency division. The group said it was in discussions with UK private equity firm Disruptive Capital GP and Pension SuperFund Capital over the potential stake sale, which would price its shares at £1.25 each. De La Rue said the two firms acting under the name PSFC Entities would not be seeking to take control of the business. The Basingstoke-based group, which prints banknotes for the Bank of England and other central banks across the world, also remains in ongoing talks over a possible sale of the currency division, or the business as a whole. De La Rue said: ‘The PSFC Entities have indicated that they are not seeking statutory control of the company and have confirmed their support for the company’s management and current strategy, including the announced disposal of the authentication division and the ongoing discussions with other parties in relation to the company’s currency division.’ De La Rue Chief Executive Clive Vacher told the PA news agency the firm had been approached by ‘multiple parties’ interested in a deal. He said the firm was now gathering expressions of interest. He said: ‘We’re not in any hurry to do anything strategic in terms of a sale, but it’s right for us to pursue these discussions to see if it ultimately turns out to be the right thing for out stakeholders.’ The 211-year-old group agreed the sale of its authentication arm to US-based firm Crane NXT in October in a deal worth £300 million. The move sparked the break-up of the business, which has been struggling with a downturn in demand for cash since the pandemic, while in July it cautioned over its ability to continue as a going concern due to the payment of a loan due in July next year. The deal with Crane NXT will allow it to repay the loan in full, while also helping reduce the funding deficit on its former defined benefit pension scheme, according to De La Rue. source: PA Copyright 2024 Alliance News Ltd. All Rights Reserved.
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