De La Rue PLC (LSE:DLAR) said it expects to complete the £300 million sale of its Authentication division to US-based Crane NXT next month and is also continuing formal discussions for the sale of the remainder of the business.
The London-listed company confirmed that all conditions related to the Authentication sale have now been met or waived, with Crane to pay £300 million in cash, but £15 million to be held in escrow for up to 18 months following completion and a further £30 million to be paid directly into De La Rue’s defined benefit pension scheme.
A portion of the remaining funds will be used to fully repay the group’s revolving credit facility.
The formal sale process for its remaining Currency division has not yet seen any offers confirmed.