DCC seeks fast-track of process to return cash to investors
It was also the parent of DCC Healthcare, a provider of high-quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division.
A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK.
In November last, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, CEO Donal Murphy said in an affidavit.
In April, an agreement was entered into to sell the division and in May it announced it intended to return £800m (€923m) to shareholders, he said, through a reduction in share capital.
Mr Murphy said the capital reduction is a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders.
He was commenting as the company sought to have the legal process entered in the fast-track Commercial Court.
It is envisaged the transaction will be completed by September.
Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey yesterday, said he was looking for a date for a hearing of the matter during the court vacation in August.
The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter.
He said he would be writing up judgments in August and he would hear it during that week.
In April, DCC announced the sale of the healthcare arm to HealthCo Investment – a subsidiary of European investment firm Investindustrial Advisors – in a deal valuing the division at £1.05bn.
The sale price was lower than analysts had anticipated, reflecting market volatility at the time, in the wake of the shock unleashed by US president Donald Trump's so called 'Liberation Day' tariffs announcement that month.
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