DCC Energy said on 9 October it had agreed to sell Nexora, its technology division, to funds managed or advised by One Equity Partners at an enterprise value of US$725m on a cash-free, debt-free basis.
Why One Equity Partners is buying Nexora (DCC Energy technology division)
DCC Energy said the price recognised the quality of the business the Nexora team had built and that, subject to completion, the sale would deliver additional value for its shareholders. It said One Equity Partners was well placed to support Nexora's continued growth.
Deal terms and financing
DCC estimates net proceeds of US$701m, assuming completion on 1 March 2027 and no leakage, which would translate into additional consideration of about 42p per DCC Energy share. The payment scales linearly from zero at net proceeds of US$650m to a cap of 125p at US$800m, and falls away if the conditions are not met by 31 July 2027.
Regulatory approvals and timing
The sale is subject to customary regulatory approvals, with completion expected on or after 1 March 2027.
Market context
Shareholders approved the recommended takeover of DCC Energy by Dragon Bidco, indirectly owned by funds advised by Energy Capital Partners and KKR, on 18 September; it pays 6,525p a share in cash plus the Nexora-linked consideration. Nexora is the former DCC Technology, renamed in December 2025, and groups about 27 specialist distributors with roughly 2,500 staff in Europe and North America. One Equity Partners is a mid-market private equity firm spun out of J.P. Morgan in 2015.
