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.
