De La Rue to sell Cash Systems

LONDON (Reuters) - De La Rue (DLAR.L), the world's largest non-government printer of banknotes, has agreed to sell its Cash Systems business to private equity firm Carlyle Group CYL.UL for 360 million pounds in cash.

Following completion of the disposal, De La Rue intends to return 460 million pounds to shareholders, equivalent to 305 pence per share, it said on Monday.

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, which is conditional on shareholder and regulatory approval, is expected to complete before the end of September, the company said.

Cash Systems makes cash-handling equipment, such as automated teller machines and coin counters for banks and retailers.

The business was put up for sale in May following a strategic review by the company.

In the year to March 29, Cash Systems made an operating profit of 35.5 million pounds on revenue of 286.6 million.

De La Rue's cash processing systems unit, which makes banknote sorters, is excluded from the sale.

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

(Reporting by Matthew Scuffham; Editing by Erica Billingham and Quentin Bryar)