De La Rue has agreed to sell their automated teller machine operation to the Carlyle Group, a US buyout firm for 360 million pounds in cash.

Following completion of the disposal, the Basingstoke based company intends to return 460 million pounds to shareholders, equivalent to 305 pence per share. The figure includes the 160 million pounds return of capital which De La Rue had announced alongside its full-year results on May 22.The sale is expected to complete by the end of September and is conditional on shareholder and regulatory approval.

Cash Systems, which makes cash-handling equipment, such as automated teller machines and coin counters for banks and retailers, was put up for sale in May following a strategic review by the company and made an operating profit of 35.5 million pounds on revenue of 286.6 million pounds in the year to March 29.

Following completion, De La Rue intends to focus on its banknote printing and security businesses.

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Sources: Bloomberg Reuters