DCC Energy agreed on 27 July to a recommended cash takeover by a consortium of Energy Capital Partners and KKR that values the Dublin-based fuel and energy distributor at about £5.75bn.
Why Energy Capital Partners and KKR (Dragon Bidco) is buying DCC Energy plc
The bidders are backing DCC's plan to grow as a pure energy business after it sold its healthcare and InfoTech arms and began selling its Nexora technology unit; the board said the offer gave shareholders value and cash certainty against the risk of delivering its 2030 profit targets.
Deal terms and financing
Holders receive 6,525p in cash and keep the 147.22p final dividend for the year to March 2026, a 24% premium to the undisturbed price. A further payment of up to 125p a share is due if the Nexora sale clears set thresholds by 31 July 2027. The bid, made through Dragon Bidco, is financed with equity from both sponsors and committed bank debt.
Regulatory approvals and timing
The deal runs as an Irish scheme of arrangement. Shareholders approved it at court and general meetings on 18 September, with 78.1% of scheme shares voted in favour. Completion is expected in the first quarter of 2027, subject to High Court sanction and antitrust and other regulatory approvals.
Market context
DCC rejected a 5,800p approach in April. Some shareholders resisted the price, but ISS said the offer provided a reasonable premium and cash certainty, and 21.9% of scheme votes were cast against. In October DCC agreed to sell Nexora to One Equity Partners for about $725m.
