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12 Jun 2019 | 08:31

De La Rue sells international identity solutions business to HID Global for £42m

De La Rue sold its international identity solutions business for £42m to HID Global. The company said the sale would shore up its balance sheet and enabled the group to focus on other strategic growth areas such as Product Authentication & Traceability and Security Features.

Under the terms of the agreement, HID Global would acquire De La Rue's international identity solutions contracts, associated software, passport assembly facilities in Malta, and certain printing contracts of security documents such as visas and birth/death/marriage certificates.

The agreement also included De La Rue providing printing services to HID Global until March 2022, but the UK passport contract was excluded from the agreement, the company said.

'After assessing all options, we believe that exiting the end to end identity solutions market is the right one for the Group and will deliver the most value to shareholders. Focusing on the identity-related security features and components is in line with our strategy to transform De La Rue to an asset light and more technology-led business,' said Martin Sutherland, Chief Executive Officer of De La Rue. At 8:31am: (LON:DLAR) De La Rue PLC share price was +7.5p at 307.5p

Story provided by StockMarketWire.com
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