DCC plc has rejected a takeover proposal from a consortium comprising KKR and Energy Capital Partners, after the group tabled a cash offer valuing the company at approximately £4.95bn ($6.66bn), according to a report by Reuters.
The bid, pitched at 5,800 pence per share, was formally dismissed by the London-listed energy distributor, which said the proposal significantly undervalues the business.
DCC plc operates across energy distribution and related services and has been streamlining its portfolio to concentrate on its core energy operations. The approach from the consortium represents the latest in a series of private equity-led attempts to acquire UK-listed industrial and infrastructure assets.
The rejection highlights continued valuation gaps between listed energy infrastructure companies and private equity buyers, even as investor interest in the sector remains strong amid stable cash flows and ongoing energy transition dynamics.
KKR has been active in large-scale European energy and infrastructure transactions in recent years, often partnering with specialist infrastructure investors such as Energy Capital Partners to pursue listed take-private opportunities.
DCC said it remains focused on executing its existing strategy and delivering value through its core energy distribution platform, while the consortium has not indicated whether it will revise or re-submit its offer.
