KKR, Energy Capital Partners Sweeten Bid for DCC

MT Newswires Live07-16 17:09

KKR (KKR) and Energy Capital Partners have sweetened their bid for Dublin-based DCC, the energy provider reported Thursday.

Investment houses KKR and Energy Capital Partners are maintaining their offer of 66.72 British pounds ($90.22) a share, including a dividend, according to a statement issued by DCC on Thursday.

However, DCC shareholders will receive up to 1.25 pounds per share more if DCC achieves at least $800 million from the planned sale of its technology distribution business Nexora.

The total deal is now valued at more than 5.7 billion pounds, according to Bloomberg News. The new, richer KKR-Energy Capital Partners offer comes after Aviva Investors and Fidelity International, major DCC shareholders, balked at the previous sale price, reported Bloomberg.

DCC, which distributes fuel and gas in Europe and the US, issued a statement in June that it was prepared to accept the KKR and ECP takeover offer.

The Irish Takeover Panel has consented to DCC board request to extend the Put Up or Shut Up deadline to July 27 for the consortium to make a firm intention for a buyout.

KKR and Energy Capital Partners did not immediately respond to a request for comment from MT Newswires.

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