DCC Energy has entered into a share purchase agreement to sell Nexora, its technology division, to independently managed investment subsidiaries of funds managed or advised by One Equity Partners. The technology disposal values Nexora at an enterprise value of $725 million on a cash-free, debt-free basis, the company announced in a regulatory filing carrying inside information.
The disposal is conditional on customary regulatory approvals and is expected to complete on or after March 1, 2027. It sits inside the recommended acquisition of DCC Energy by Dragon Bidco, the vehicle indirectly owned by funds advised by Energy Capital Partners and KKR. Bidco announced the recommended acquisition on July 27, 2026, DCC published the scheme document on August 24, and shareholders voted to approve the scheme on September 18.
Under the Dragon Bidco terms, investors receive 6,525p per share in cash plus additional consideration of up to 125p per share linked to the net proceeds of the Nexora sale. DCC estimates technology-disposal net proceeds of about $701 million, assuming completion on March 1, 2027, with no leakage of value outside the group, which would imply an extra 42p per share. The additional consideration slides with the proceeds: net proceeds between $650 million and $800 million yield between zero and 125p per share, and the extra amount is payable only if the Nexora sale conditions are satisfied by July 31, 2027.
Dragon Bidco, the vehicle for Energy Capital Partners and KKR, agreed a £5.75 billion takeover offer for DCC in July. DCC chief executive Donal Murphy said the transaction recognizes the quality of the business the Nexora team has built and would deliver additional value for DCC shareholders. Shares traded around 6,440p on the morning of the announcement, slightly below the 6,525p offer price.
One Equity Partners, founded in 2001 and spun out of J.P. Morgan in 2015, focuses on industrial, healthcare and technology companies in North America and Europe. The Nexora purchase gives the firm a middle-market technology distribution asset just as its seller converts the business into a cash top-up inside one of the largest European private-equity takeovers of the year.