DCC Agrees £5.75bn Takeover by KKR and Energy Capital

Irish energy distributor DCC Energy has agreed to a £5.75 billion ($7.68 billion) sale to a consortium of U.S. private equity firms KKR and Energy Capital Partners.

DCC shareholders receive a cash offer at a 26% premium. Under the offer, DCC shareholders will receive £65.25 per share in cash, a proposed final dividend of 147.22 pence, and a potential payment of up to £1.25 a share upon the sale of its Nexora technology unit for at least $800 million. The offer values DCC at a 26% premium to its last closing price before interest was made public.

The deal simplifies DCC's focus on its core energy business. DCC Energy has been focusing on its core energy business by stepping up acquisitions in Europe's liquid gas markets and divesting non-core units like healthcare and technology. CEO Donal Murphy told Reuters the rationale for the agreement included simplifying the group and investor relations efforts not translating into the value private capital is willing to put on the business.

Foreign takeovers drive record UK M&A activity in 2026. The deal comes at a time of heightened private equity interest in UK-listed companies that are trading at relatively low valuations. So far in 2026, UK mergers and acquisitions have been largely driven by foreign bids, with a total value of more than $197 billion, the highest year-to-date total since records began in 1980, according to data from LSEG. U.S. bidders account for more than half of this year's foreign takeovers.

Recent examples include Easyjet and Intertek deals. Easyjet is currently in talks with two private equity firms for a sale, while Intertek agreed to be taken private by EQT in June. Shares in DCC were up 1.3% at £63.65 in early trade on Monday. The transaction is the latest in a wave of foreign takeovers of UK-listed companies this year.