On December 5, 2017, Crane & Co., Inc., the manufacturer of currency paper for the US government since 1802, signed an agreement to be acquired by Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products (and unrelated to the target company), for $800 million on a cash free and debt free basis. Founded in 1801, Crane Currency is a pioneer in advanced micro-optic security technology, and a fully integrated supplier of secure and highly engineered banknotes for central banks all over the world. The transaction was completed on January 10, 2018.
The WilmerHale team representing Crane Currency in this transaction was led by Partner Jeff Stein and included Partners David Cohen, Barry Hurewitz, Bob Kimmitt, Julie Hogan Rodgers, George Shuster and Kim Wethly, Counsel Meghan Walsh, and Associates Cara Fonseca and Michael Raine.