Ireland's DCC Energy to sell tech unit Nexora for $725 million ahead of KKR buyout
Ireland's DCC Energy to sell tech unit Nexora for $725 million ahead of KKR buyout Oct 9 (Reuters) - Energy distributor DCC Energy DCC.L said on Friday it would sell its technology division, Nexora, to private equity firm One Equity Partners for a total enterprise value of $725 million, on a cash- and debt-free basis.
Here are some details:
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 ($7.61 billion) takeover by a consortium of US private equity firms KKR KKR.N and Energy Capital Partners in July
DCC shareholders will receive an additional 42 pence per share on top of the existing offer from the KKR-led consortium
If regulatory conditions related to the sale of Nexora are not met by July 31, 2027, the additional consideration will be zero
($1 = 0.7554 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)