Atlas Holdings, a US private equity firm, has secured a £263 million acquisition of De La Rue which operates as a UK-based banknote printer for 211 years.
Atlas Holdings' acquisition of De La Rue includes a cash payment of 130 pence per share, marking a 16% premium compared to its closing price on 14 April 2025. The board unanimously approved the deal, deeming it "fair and reasonable."
Overview of the Acquisition
The offer values De La Rue at £263 million, with shareholders set to receive an all-cash payout. The proposal follows De La Rue's financial turbulence and recent divestments. Atlas promises to preserve the firm's identity, headquarters in Basingstoke, and brand integrity.
Background on De La Rue
Founded in 1813, De La Rue is a historical icon in banknote printing and security documentation. Despite its prestigious history, financial struggles and reduced demand led to a 2023 sale of its authentication division for £300 million and declining share value.
Atlas Holdings’ Strategic Motivations
Atlas Holdings, based in Connecticut, USA, targets underperforming companies with potential. It plans to retain De La Rue's core operations and management, combining asset preservation with operational restructuring.
Stakeholder Reactions
Major shareholders Aberforth Partners and Crystal Amber (combined 40% stake) support the deal. Competing bids, such as Edi Truell’s consortium, were rejected. Atlas’s track record and long-term approach proved decisive.
Implications for the UK Market
This acquisition reflects growing foreign interest in undervalued UK assets post-Brexit. Atlas pledges to maintain UK operations, mitigating fears of job losses. The deal injects fresh capital into the UK industrial economy while reigniting debates about foreign ownership.
Broader Trends and Considerations
De La Rue’s challenges mirror those of many UK firms post-Brexit—reduced European market access, rising costs, and weakening competitive edge. These conditions have made UK companies attractive to international buyers.
Looking Forward
Atlas's acquisition marks a pivotal chapter for De La Rue and UK industry. If executed well, this could revitalise the company and secure its legacy. UK investors must weigh the trade-off between capital inflows and national corporate sovereignty.
