One Equity Partners has agreed to acquire Nexora, the technology division of DCC Energy, for an enterprise value of $725 million, as the Irish-listed energy distributor advances its proposed takeover by funds associated with Energy Capital Partners and KKR.
The transaction, announced on 9 October 2026, values Nexora on a cash-free, debt-free basis. The sale remains conditional on customary regulatory approvals and is expected to complete on or after 1 March 2027.
The disposal is linked to the recommended acquisition of DCC Energy by Dragon Bidco Limited, a company indirectly owned by investment funds associated with Energy Capital Partners and KKR. DCC shareholders approved the takeover scheme on 18 September 2026.
Under the takeover terms, shareholders will receive 6,525 pence per share in cash, alongside potential additional consideration of up to 125 pence per share tied to the Nexora disposal.
The additional payment depends on net disposal proceeds and the satisfaction of specified conditions by 31 July 2027. Proceeds between $650 million and $800 million would generate an additional payment calculated on a sliding scale, capped at 125 pence per share.
DCC estimates net proceeds of $701 million, corresponding to an additional 42 pence per share if the relevant conditions are satisfied. Both figures remain estimates, and the additional payment is not guaranteed.
Buyer / Parties: One Equity Partners, through investment subsidiaries of funds it manages or advises
Target: Nexora, DCC Energy's technology division
Sector: Technology
Deal type: Private equity acquisition / corporate disposal
Value: $725 million enterprise value
Geography: Ireland, United Kingdom and international operations
Identified advisers: Jefferies International, Hogan Lovells
The Nexora sale forms part of DCC Energy's wider restructuring ahead of its proposed acquisition by Dragon Bidco. It follows the previously announced disposals of DCC Healthcare and the group's Info Tech business. The transaction establishes a direct relationship between proceeds from the technology division's disposal and potential additional consideration for DCC shareholders.
One Equity Partners is a middle-market private equity investor focused on industrial, healthcare and technology businesses across North America and Europe. Since its establishment in 2001, the firm has completed more than 500 transactions worldwide.
Seller – DCC Energy: Jefferies International is acting as sole financial adviser on the Nexora disposal.
Hogan Lovells is serving as English legal adviser to DCC Energy. Its transaction team was led by London M&A partners Sarah Shaw and John Connell, with additional tax and antitrust/foreign direct investment support.
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