Currency printing company De La Rue has announced an agreement to sell its Authentication Division to Crane NXT for £300m.

The Authentication Division has operated as a separate division within De La Rue since 2019.

The group said the sale will enable it to focus on its profitable Currency Division, a market leader in its field.

As part of the transaction, the group’s existing facility in Malta will undergo a physical separation to allow both Currency and Authentication to operate independently.

"The investment at the Malta site announced in 2021 will continue, completing the work to make Malta not only a state-of-the-art factory but also the largest banknote facility in the De La Rue portfolio," De La Rue said in a statement.

Crane Currency has had a large $100 million facility in Malta since 2018, employing some 350 people.

Commenting about the acquisition, Crane president and CEO Aaron W. Saak, said this would accelerate the company's strategy as a market leader in providing trusted technology solutions that secure, detect and authenticate customers’ most valuable assets. "Protection from counterfeiting and illicit trade is a priority for governments and leading commercial product brands. This acquisition expands our technology capabilities and will drive profitable growth in new markets.”

The deal is expected to be completed by the middle of next year.