DCC Energy Shareholders Approve £5.73 Billion US Private Equity Sale
DCC Energy shareholders approved a sale to KKR and Energy Capital Partners for up to £5.73 billion following a narrow vote in Dublin.
Shareholders of DCC Energy narrowly approved a sale to a consortium consisting of US private equity firms KKR and Energy Capital Partners in a deal valued at up to £5.73 billion. During an extraordinary general meeting in Dublin on Friday, 78.1% of participating shareholders backed the acquisition, surpassing the 75% threshold required for the High Court-overseen scheme of arrangement.
The agreement provides an upfront payment of £65.25 per share, with an additional £1.25 per share contingent on the sale of Nexora, the company's tech division, for at least $800 million. The sale follows a strategic shift in late 2024 where the company abandoned its conglomerate roots to focus exclusively on energy.
The vote faced opposition from founder Jim Flavin and major investor Fidelity International. Shareholder Stephen Carroll criticized the board for selling to "bargain hunters." Chairman Mark Breuer defended the transaction, noting the consortium's approach was unsolicited and that the board negotiated hard amid global uncertainties. Chief Executive Donal Murphy expressed satisfaction with the turnout and the final result.
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