Shareholders signed off on the acquisition by KKR and ECP, with 78.1% voting in favor at an extraordinary general meeting on Friday. The offer tops £5.7 billion, or $7.6 billion. According to DCC Chair Mark Breuer, they aim to close in the first quarter of 2027 and he called it "a compelling opportunity for our shareholders to crystallise value."
The pursuit has been one of the UK's most drawn out M&A storylines this year, with four bid-deadline extensions squeezed into a little over a month. In June, DCC said it was ready to accept a takeover, but some of its biggest investors, including Aviva Plc and Fidelity International, objected to the proposed price. Headquartered in Dublin, the company supplies fuel and gas throughout Europe and the US. A sale would mean another Irish name leaves the FTSE 100, following peers such as CRH Plc and Flutter Entertainment Plc moving toward US listings.
Since 2022, DCC has been narrowing its focus to energy, targeting operating profit of £830 million by 2030, which would be twice its earlier level. It has already trimmed its portfolio by selling its healthcare and information technology businesses. Watch how the prospective owners support that plan and whether the expected first quarter of 2027 completion holds.
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