Bird & Bird advises De La Rue on disposal of its Authentication Division to Crane NXT

De La Rue’s existing business comprises its Currency Division, which designs and manufactures highly secure banknotes and banknote components that are optimised for security, manufacturability, cash cycle efficacy and public engagement, and its Authentication Division, which leverages advanced digital software solutions and security labels to protect revenues and reputations from the impacts of illicit trade, counterfeiting, and identity theft.

The sale of the Authentication Division, announced on 15 October 2025, will unlock the intrinsic value of the Authentication Division for the benefit of all De La Rue stakeholders. This will allow De La Rue to repay its existing revolving credit facility in full and significantly reduce the deficit on the group’s legacy defined benefits pension scheme. On completion, this will leave the group to focus on its market-leading Currency Division.

Completion of the transaction is conditional on certain regulatory clearances and on completion of a group reorganisation to separate out the Authentication Division from the group’s other operations. Completion is expected in the first half of 2025.

Bird & Bird corporate partner, Simon Allport, led a multi-disciplinary team advising on the transaction, and the team will continue to assist De La Rue on its implementation of the required group reorganisation ahead of completion, alongside its other advisers.

Commenting on the transaction, Simon said “This transaction is strategically important for De La Rue and it showcases Bird & Bird’s capacity to advise on high value M&A transactions in the tech space. We look forward to continuing to support the De La Rue team through the next phase of the transaction ahead of completion.”