KKR and Energy Capital Partners strike $7.7 billion deal to take DCC Energy private

KKR and Energy Capital Partners have agreed to acquire DCC Energy in a deal worth up to £5.81 billion, roughly $7.86 billion, marking one of the largest private equity buyouts in the energy distribution space this year.

The consortium’s first approach landed in April 2026 with an offer of £4.95 billion. DCC’s board said no.

By June 10, KKR and Energy Capital Partners had put together a revised bid of around £5.7 billion, which the board supported. Then, on July 16, the consortium sweetened the pot again, pushing the maximum deal value to £5.81 billion.

Under the final terms, shareholders will receive £65.25 in cash per share, plus a £1.47 dividend. There’s also a conditional £1.25 adjustment tied to the sale of Nexora.

The UK Takeover Panel has been involved throughout the process, extending deadlines related to the bid until mid-July to give both sides room to finalize documentation. Due diligence is reportedly complete, and the deal paperwork is largely done.

Major institutional investors, including Fidelity and Aviva, have pushed back on the deal, citing concerns over the valuation offered by KKR and Energy Capital Partners.

The gap between the initial £4.95 billion offer and the final £5.81 billion figure represents roughly a 17% increase.

DCC has spent recent years streamlining its portfolio, divesting non-core operations including healthcare and technology businesses to focus exclusively on energy distribution.

DCC Energy operates across liquid gas and renewable energy distribution. Energy Capital Partners has built its investment strategy around the energy transition, while KKR brings operational expertise across sectors.

If enough institutional holders vote against the deal, it could still fall apart or force yet another price increase. The UK Takeover Panel’s involvement adds a layer of procedural structure, but the ultimate decision rests with shareholders.

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