London, 14 October 2026 – Hogan Lovells Cadwalader is advising DCC Energy plc (“DCC Energy”), a FTSE 100 leader in multi-energy sales and distribution, on the divestment of Nexora, DCC Energy’s technology division, to independently managed investment subsidiaries of funds managed and/or advised by One Equity Partners (the “Transaction”). The Transaction values Nexora at a total enterprise value of US$725 million on a cash-free, debt-free basis. The Transaction is conditional on the receipt of customary regulatory approvals and is expected to complete on or after 1 March 2027.
The Nexora sale is linked to the recommended acquisition of DCC Energy by Dragon Bidco Limited (a newly incorporated company indirectly owned by funds and investment vehicles managed by Energy Capital Partners Management, L.P. and Kohlberg Kravis Roberts & Co. L.P.), pursuant to which DCC Energy shareholders will receive 6,525 pence in cash per share plus potential additional consideration of up to 125 pence per share. Based on an estimated US$701 million net proceeds from the Nexora sale, the additional consideration is expected to be 42 pence per share, payable if certain conditions are met by 31July 2027.
DCC Energy is a leader in multi-energy sales and distribution, headquartered in Dublin, with operations across Europe and North America. It serves millions of customers across the commercial and industrial, public and domestic sectors and delivers mainly off-grid energy solutions, led by liquid gas, and operates service stations and fleet services. DCC Energy is listed on the London Stock Exchange and is a constituent of the FTSE 100.
The sale of Nexora follows the sale of DCC Healthcare, announced in April 2025, and DCC Energy’s Info Tech business, announced in July 2025, on which Hogan Lovells Cadwalader also advised.
The Hogan Lovells Cadwalader team was led by London M&A partners Sarah Shaw and John Connell, supported by senior associate Akhil Parekh and associates Imogen Thwaites and Rory Hazelton. Tax advice was provided by partner Tom Eyre-Brook and senior associate Adela Komorowska, and antitrust/FDI advice was provided by partner Angus Coulter and senior associate Stelios Charitopoulos.
Commenting on the Transaction, Sarah Shaw said “We are delighted to be supporting DCC Energy on another significant strategic transaction. Building on our work on the sale of DCC Energy’s Info Tech business to Aurelius, this Transaction is another example of Hogan Lovells Cadwalader operating in the premium segment of the London M&A market and providing seamless global support across multiple jurisdictions and disciplines”.
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