Private‑equity firms KKR and Energy Capital Partners have raised their offer for Dublin‑listed DCC to roughly £5.7bn, pricing the shares at £66.72 each. The proposal adds £1.47 of a final dividend to a cash component of £65.25, a 15% bump on the initial bid and a 33% premium to DCC’s pre‑offer average price, and underscores the attractiveness of Europe’s utility assets.

Board members said the terms now meet a level they would consider recommending, reversing a late‑April rejection of a £58‑per‑share offer that valued DCC at £4.95bn. The Irish Takeover Panel extended the deadline to 5 pm on 8 July 2026, giving the consortium a month to turn the proposal into a binding offer, and signals confidence in the restructuring plan.

Investors reacted modestly, with DCC shares edging up 3.3% to £62, still below the bid price, reflecting lingering execution risk as due‑diligence continues. Advisors J.P. Morgan Cazenove and UBS will guide the board, while the buyers signal support for DCC’s ongoing divestiture of its technology unit, slated for completion by end‑2026. The deal tests KKR’s leveraged‑buyout expertise and Energy Capital’s focus on the energy transition.