Source: Sharecast
The Irish conglomerate on Tuesday said deal was a "material step" in its strategy to simplify operations and accelerate the growth of its energy business, which is the group's largest and highest returning division.
DCC added that it expected total expected net cash proceeds of £945m, including an unconditional deferred amount of £130m receivable within two years, and would return surplus funds to shareholders “while maintaining a strong, investment-grade balance sheet”.
In the year to March 31, 2024, DCC Healthcare recorded revenue of £859.4m and adjusted operating profit of £88.1m. DCC Healthcare represented approximately 13% of the group's adjusted operating profit during the fiscal period.
"The disposal of DCC Healthcare is a material step in simplifying DCC's operations and focusing on our high growth, high return, energy business. Our strategy will continue to build DCC as a market-leading multi-energy business," said chief executive Donal Murphy.
"The profitable sale creates immediate value for our shareholders, and we are confident that Investindustrial will take DCC Healthcare forward in the best long‐term interests of its employees, customers and suppliers."
Reporting by Frank Prenesti for Sharecast.com
