DCC Energy (LSE:DCC) has entered into an agreement to sell its technology division, Nexora, to funds managed and advised by One Equity Partners for an enterprise value of US$725 million, on a cash-free, debt-free basis.
The transaction remains subject to customary regulatory approvals, with completion expected on or after 1 March 2027. The disposal forms part of the arrangements surrounding the recommended acquisition of DCC Energy by Dragon Bidco Limited.
Under the proposed takeover, DCC shareholders are entitled to receive 6,525 pence per share, alongside potential additional cash consideration of up to 125 pence per share linked to the net proceeds generated by the Nexora disposal.
Based on current estimates, the Technology Disposal Net Proceeds are expected to total approximately US$701 million. This would correspond to additional consideration of around 42 pence per share, although the final payment will depend on the proceeds received and the completion of the transaction.
The additional consideration could be reduced to zero if the relevant conditions are not satisfied by 31 July 2027.
The sale will transfer Nexora to private equity ownership, while the proceeds will determine the amount of any supplementary payment available to DCC shareholders under the Dragon Bidco acquisition terms.
The recommended takeover is backed by Energy Capital Partners and KKR. Completion of the Nexora disposal remains subject to the outstanding regulatory requirements and the agreed transaction timetable.
About DCC Energy
DCC Energy (LSE:DCC) operates in energy distribution and related services. Its technology division, Nexora, provides digital solutions associated with energy-related activities. The company is currently the subject of a recommended acquisition by Dragon Bidco Limited, backed by Energy Capital Partners and KKR.
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