British banknote printer De La Rue is in discussions with private equity firm Disruptive Capital GP and pension fund manager Pension SuperFund Capital, collectively known as PSFC Entities to sell up to 40% of its equity, according to a report by Reuters.
The potential offer price of £1.25 per share would value the business at approximately £245m ($311m). News of the deal followed the company’s interim results, which highlighted a rebound in orders despite a drop in operating profits.
Shares of De La Rue closed 2.3% higher at £1.12, just below the proposed price.
In a statement, De La Rue stated that PSFC Entities supports the company’s management and strategy and has no intention of taking control.
De La Rue has been working to recover from challenges exacerbated by the Covid-19 pandemic, during which banks stockpiled cash and consumers increasingly shifted to contactless payments. The company is also exploring options for its underperforming currency division after selling its authentication business in October.
