US firm to buy Guernsey-founded currency printers

The move marks the first time De La Rue would be owned by private investors in its more than 200 year history

Guernsey founded currency printers De La Rue have agreed a takeover by a US investment firm worth around £263m.

Atlas Holdings has offered 130p in cash per De La Rue share as part of the buyout.

It meant the company, which was founded in Guernsey 212 years ago, will be under private equity owner for the first time in its history.

The takeover is expected to be finalised by the end of September, according a document, seen by the BBC, outlining the transaction.

The company, which was created by Guernseyman Thomas De La Rue in the early 1800s, prints banknotes for around 140 jurisdictions including England, Guernsey and Qatar.

The 130p per share offer is a 19% boost of De La Rue's closing price on the London Stock Exchange on 11 December 2024 - the last business day before the start of the offer period.

The currency printers went through a period of uncertainty when it lost the UK government contract to print post-Brexit passports to a Franco-Dutch firm in 2018.

The company warned it was at risk of collapse if a turnaround plan, which began in 2020, failed.

As part of that plan, the company sold its Authentication division for £300m, which is due to be completed on 1 May 2025.

The business said it would use that money to repay loans and reduce the deficit on its pension scheme.