DCC Energy sells unit for over USD700 million as KKR buyout looms
(Alliance News) - DCC Energy PLC on Friday said it has struck a deal to sell its Nexora technology division, giving shareholders an additional sum ahead of the FTSE 100 listing's private equity buyout.
The Dublin-based provider of sales, marketing and distribution services to the energy sector has sold Nexora to funds managed and/or advised by One Equity Partners at an enterprise value of USD725 million.
DCC Energy expects net proceeds of USD701 million and as a result, shareholders are expected to receive an extra 42 pence per share on top of the agreed private equity takeover consideration.
DCC Energy in July agreed to a GBP5.75 billion takeover offer from a consortium comprised of funds advised by Kohlberg, Kravis, Roberts & Co LP and Energy Capital Partners Management LP. The buyers were to pay 6,525p per share in DCC Energy.
The extra 42p would take the total takeover payment to 6,567p per share.
The Nexora sale is expected to be completed at the start of March. DCC Energy added that the extra 42p will only be received should the Nexora deal be sealed before the end of July.
Chief Executive Donal Murphy 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.
"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. We believe One Equity Partners is well placed to support Nexora's continued growth, investment and long-term development, benefiting employees and customers alike."
Shares in the company were down 0.1% at 6,440.00p each in London on Friday morning.
By Eric Cunha, Alliance News news editor
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