DCC PLC (LSE:DCC) confirmed how it plans to make a £600 million return to shareholders after completing the sale of its healthcare division.
The FTSE 100 group announced in May that its intention was to return £800 million of the sale proceeds to its shareholders, which began at the time with a £100 million share buyback that is expected to complete in the coming weeks.
A £600 million tender offer, equating to 13% of the current market cap, is planned for shortly after interims in November, with completion expected in December.
The final £100 million is to be returned to shareholders following receipt of the unconditional deferred consideration payable for the healthcare division in roughly two years.
CEO Donal Murphy said DCC is simplifying the business "so that we can focus all our efforts on growth opportunities in the energy sector, which offers the most compelling opportunity for shareholders".
DCC Energy sells, markets, and distributes gas and low-carbon energy products to commercial, industrial, domestic and transport customers off the gas grid. It also operates service stations, provides fleet services, and services around solar and battery storage.