WASHINGTON (dpa-AFX) - DCC Energy plc (DCC.L), an international energy distributor, said on Monday that it has agreed to a recommended takeover by Dragon Bidco Limited, a company indirectly owned by funds advised by global investment firms KKR & Co. Inc. (KKR) and Energy Capital Partners (ECP), in a deal valuing the company at about £5.75 billion.
Under the terms of the offer, DCC shareholders will receive 6,525 pence per share in cash, along with a 147.22 pence final dividend, representing a 24% premium to DCC Energy's undisturbed closing share price of 5,380 pence. Shareholders may also receive an additional up to 125 pence per share if DCC Energy completes the sale of its Nexora technology business by July 31, 2027, subject to certain conditions being met.
DCC Energy board unanimously recommended the offer, saying it provides shareholders with attractive value and cash certainty amid execution risks tied to the company's long-term growth strategy. DCC directors holding about 0.28% of the company's shares have irrevocably agreed to vote in favor of the transaction.
The acquisition, to be implemented through a court-sanctioned scheme of arrangement, is expected to complete in the first quarter of 2027, subject to shareholder, court, regulatory and other customary approvals.
The agreed offer follows months of negotiations after DCC Energy rejected an initial bid of 5,800 pence per share from the KKR-Energy Capital Partners consortium in April, saying it undervalued the company. The consortium later raised its cash offer to 6,525 pence per share in June, which DCC said it would recommend if formalized.
KKR shares closed up 3.53% at $99.36 on Friday.
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