DCC Energy Agrees to £5.75bn Takeover by KKR and ECP

DCC Energy, a significant player in the supply of liquid gas and fuels across Europe and the United States, has agreed to be acquired in a £5.75bn deal. The agreement sees US private equity groups KKR and Energy Capital Partners poised to take control of the company. The board of DCC Energy has advised its shareholders to accept the offer.

Shareholder Objections Surface

Read Next in Barnet Press3 min read

Islington Covid Positivity Rate Falls After Initial Spike

Council attributes initial high figures to low testing volumes, not a borough-wide surge.

Despite the board's recommendation, the proposed takeover has met with significant opposition. Jim Flavin, the founder of DCC Energy and a major shareholder, has voiced strong objections. Mr Flavin stated he was "astounded" by the board's support for the deal, which he believes does not reflect the company's true worth. He pointed to the company's 2022 strategy, which aimed to double operating profits to £830m by 2030, suggesting the current offer is inadequate.

Other substantial shareholders, including pension companies Aviva and Fidelity, have also expressed concerns. Matt Bennison, head of UK active equities at Aviva Investors, indicated that the offer would be a "bad outcome for shareholders" and that Aviva would not support the deal if the board recommended it. He further stated that the increased offer was "unsurprisingly not enough" and not in the interest of their clients to sell at the proposed level.

Deal Structure and Valuation

Related Borough Coverage4 min read

TfL under‑investment leaves commuters losing 830,000 hours in April‑May 2026

A £6.5 billion renewals backlog and spending below the required level have driven delays that affect Barnet residents and the wider capital

The cash offer from the private equity consortium amounts to £65.25 per share. This figure is reported by The Guardian to be 36% higher than DCC Energy's average share price over the three months preceding the public announcement of takeover talks. The board of DCC Energy stated that the offer provides a "compelling and certain opportunity" for shareholders to "realise value in cash today". The offer was enhanced with an additional £1.25 per share sweetener, contingent on the sale of DCC's technology division, Nexora, achieving a specific price.

The agreement for DCC Energy to be taken private adds to a trend of UK-listed companies being acquired by private equity firms. Other recent examples include Mitie, Tate & Lyle, and the owner of William Hill, Evoke. The budget airline easyJet is also reportedly subject to a potential £5.7bn offer.