DCC PLC (LSE:DCC) has struck a deal to sell its technology arm's Info Tech business in the UK and Ireland to private equity for a total enterprise value of roughly £100 million on a cash-free, debt-free basis.
But the net cash proceeds to DCC of the deal are "not material", the FTSE 100 group said, reflecting the working capital seasonality and supply chain financing associated.
CEO Donal Murphy says the divestment "is a further material step in simplifying our group and focusing on our high-growth, high-return, energy business".
Coming after DCC sold its healthcare arm in April, Murphy said the group has "made huge strategic progress this year".
Aurelius is the buyer of the IT equipment supply unit.
Dublin-based DCC said it is keeping the freehold title of the UK national distribution centre in Burnley.
The remainder of DCC Technology, known as Pro Tech, is mainly based in North America, with a smaller business in Europe, and focused on distributing audio-visual and 'Life Tech' products.