One Equity Partners has agreed to acquire Nexora, the technology division of DCC Energy, for $725 million in a cash-free, debt-free transaction. The sale is part of a broader move by KKR and Energy Capital Partners, who are taking DCC Energy private through their vehicle, Dragon Bidco. Shareholders approved the takeover on September 18, with an initial offer of 6,525p per share plus an additional 125p contingent on the Nexora sale proceeds.
The extra payment scales from zero at $650 million to full 125p at $800 million. DCC Energy projects net proceeds of $701 million, translating to roughly 42p per share in additional value. The final payout depends on deal completion by March 1, 2027, with a fallback date of July 31, 2027.
The structure allowed KKR and Energy Capital Partners to avoid upfront valuation risk while giving shareholders upside. One Equity Partners, a private equity firm with over 500 transactions since 2001, views Nexora as a strategic addition. The deal is subject to regulatory approvals and is expected to close on or after March 1, 2027.
Source: PE Insights · Summarized by HeadlinesBriefing