KKR-led consortium raises offer for DCC to £5.81 billion
A KKR-led consortium has increased its takeover bid for energy distributor DCC to £5.81 billion. The deal includes a potential price adjustment based on the future sale of DCC's Nexora technology unit.
Why it matters
This acquisition highlights the ongoing consolidation in the energy sector and the influence of private equity in restructuring public companies.
Private equity firms KKR and Energy Capital Partners have sweetened their takeover bid for DCC for the second time in five weeks, the energy distributor said today, valuing it at up to £67.97 per share, or £5.81 billion ($7.86 billion).
The proposal retains a cash consideration of £65.25, a possible final dividend of £1.47 included in an earlier bid and adds a potential payment of up to £1.25 per share, if DCC can sell its Nexora technology unit for at least $800m.
DCC, which distributes liquid gas, biofuels and renewable energy to businesses and households, did not say whether it would back the improved bid. The parties have until July 27 to finalise a deal. Its brands include Flogas and Certa here.
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