Sells Hong Kong, Macau liquid gas business to Citadel (Il Sole 24 Ore Radiocor) - Dublin, 11 Jul - DCC added that DCC Energy has completed the sale of a majority stake in its liquid gas business in Hong Kong and Macau to Citadel Pacific, an Asian industrial group with an existing and complementary business in the region.

The transaction values DCC's business at an initial enterprise value of 150 million dollars, on a debt-free, cash-free basis. DCC received 105 million dollars in cash on completion, with the balance of consideration represented by a retained minority stake in the combined operations. DCC has the option to divest its remaining stake under an agreed mechanism after a number of years.

The business represented approximately 2% of DCC's operating profit in the year ended March 31, 2024.

"DCC Energy has significant growth opportunities across its business in Europe and North America. The transaction sharpens the strategic and regional focus of the division in line with our Cleaner Energy in Your Power strategy," the group said.

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(RADIOCOR) 11-07-24 08:49:58 (0176) 5 NNNN