Energy distributor DCC Energy said today it would sell its technology division, Nexora, to private equity firm One Equity Partners for a total enterprise value of $725m on a cash- and debt-free basis.
The sale of the business is expected to complete on or after March 1, 2027, subject to regulatory approvals, DCC said in a statement.
DCC agreed to a £5.75 billion takeover by a consortium of US private equity firms KKR and Energy Capital Partners in July.
DCC said its shareholders will receive an additional 42 pence per share on top of the existing offer from the KKR-led consortium.
But if regulatory conditions related to the sale of Nexora are not met by July 31, 2027, the additional consideration will be zero, it added.
Donal Murphy, the chief executive of DCC Energy, said Nexora has been an important part of the DCC Group for many years and has built a strong market position through the expertise and commitment of its people.
“As it begins this next chapter, we would like to thank our colleagues across Nexora for their contribution to DCC Energy and wish them every success for the future,” the CEO said.
“This transaction recognises the quality of the business that the Nexora team has built and, subject to completion, will deliver additional value for DCC Energy shareholders,” he said.
“We believe One Equity Partners is well placed to support Nexora’s continued growth, investment and long-term development, benefiting employees and customers alike,” he added.
