Historic UK banknote printer agrees to a takeover by U.S. private equity firm Atlas Holdings amid financial restructuring.

A Major Move for a Historic Company

April 15, 2025:  De La Rue, one of the world’s oldest and most recognized banknote printers, confirmed its agreement to a £263 million ($347 million) buyout offer from U.S.-based private equity firm Atlas Holdings. The offer values De La Rue shares at 130 pence each—representing a 16% premium on the previous market close.

DeLa Rue agrees all cash takeover from private equity / Image source: Adobe

Background: Struggles and Strategy

Founded in 1821 and listed on the London Stock Exchange since 1947, De La Rue has faced mounting challenges in recent years. With the global decline in cash usage and the loss of several high-profile contracts, the company has been on a path of strategic transformation. Under the leadership of CEO Clive Vacher since 2020, De La Rue has implemented significant cost-cutting and restructuring measures to stabilize operations.

A major move in this strategy was the proposed £300 million sale of its authentication division to U.S.-based Crane NXT—a deal that remains in progress.

Atlas Holdings Steps In

The acquisition by Atlas Holdings is expected to be finalized in the third quarter of 2025, pending regulatory and shareholder approvals. Atlas, headquartered in Greenwich, Connecticut, has committed to preserving De La Rue’s brand, headquarters in Basingstoke, and most of its current workforce—although roughly 50 roles may be eliminated as part of operational adjustments.

With support already secured from shareholders representing over 40% of the company, the deal is on a clear path toward completion.

What’s Next for De La Rue?

The acquisition marks a new chapter for De La Rue, signaling a shift from survival to potential revival. With new ownership and a streamlined focus, the company may now have the opportunity to redefine its role in an increasingly digital financial world—while continuing to print the money that powers it.