De La Rue completes sale of International Identity Solutions business
LONDON: De La Rue plc, the world's premier currency and authentication provider, has completed the sale of its International Identity Solutions business to HID Corporation Limited, an ASSA ABLOY Group company, for a cash consideration of £42 million on a cash-free, debt-free basis. This transaction was first announced on 12 June 2019. Under the terms of the agreement, HID Global will acquire De La Rue’s international identity solutions contracts, associated software, and passport assembly facilities in Malta. This transaction will allow De La Rue to refocus on identity-related security features and components where the market opportunities are more accessible. Malta is a Centre of Excellence for De La Rue, where it has had a 40-year partnership and contributed significantly to the local economy. In recent years, De La Rue has completed a €27m investment programme to enhance its facility on the island. As part of this deal, De La Rue will transfer its passport assembly capabilities and people based in Malta to HID Global; the people will continue to be based on the site. De La Rue will retain its existing polycarbonate and ID printing services to support both HID Global and other international customers as it focuses on growing the security features and components side of its identity business.