DCC completes divestment of Info Tech unit to Aurelius
DCC PLC on Monday said it completed the divestment of its Info Tech business arm in the UK and Ireland to private equity investor Aurelius in a deal worth approximately £100 million.
The Dublin-based sales, marketing, and support services provider said the sale followed the completion of customary regulation approvals.
The deal values the Info Tech business at a total enterprise value of £100 million on a cash-free, debt-free and normalised working capital basis, according to a previous DCC stock exchange announcement on July 14.
In the previous announcement, DCC said that the remaining part of DCC Technology would be its Pro Tech business, principally based in North America.
In the financial year that ended in March, the Info Tech arm recorded revenue of £2 billion and represented around 1% of DCC’s continuing operating profit.
DCC said: ‘The completion of the sale is another material step in the group’s strategy to simplify operations, maximise shareholder value and accelerate the growth of its energy business, the group’s largest and highest returning division.’
Shares in DCC rose 0.1% to 5,015.00 pence on Monday morning in London.
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