De La Rue PLC (LSE:DLAR), the UK banknote printer, has confirmed it will complete the £300 million sale of its authentication division to US-listed Crane NXT on 1 May.
The deal, originally announced last October, will allow the company to repay a loan due in 2025 and help reduce the deficit in its former staff pension scheme.
De la Rue has struggled with falling demand for physical cash since the pandemic and warned last year about its ability to remain financially viable. This sale is one of two potential divestments under review, with talks ongoing around the possible sale of its core banknote printing business.
In a stock market update, it said it remains in discussions over possible takeover offers and will update investors “as and when appropriate.” The company prints banknotes for the Bank of England and central banks worldwide.
In afternoon trading, the shares were down 0.5% at 107.5p.