DCC plc said Wednesday it has completed the sale of its healthcare division and plans to return an additional 600 million British Pounds to shareholders as it focuses on its energy business.
The Dublin-based company will launch a 600 million British Pounds tender offer after its interim results in November, with completion expected in December, according to a statement.
The move is part of a larger plan to return a total of 800 million British Pounds from the sale proceeds.
DCC is already nearing completion of a 100 million British Pounds share buyback program, and a final 100 million British Pounds will be returned in about two years upon receipt of deferred payments for the healthcare unit.
The divestment follows the company's recent sale of its UK and Ireland technology distribution business as part of a strategy to simplify its operations.
"We are simplifying our business so that we can focus all our efforts on growth opportunities in the energy sector, which offers the most compelling opportunity for shareholders," Chief Executive Donal Murphy said.
The company said it received all necessary regulatory approvals for the healthcare division sale, which was first announced in April.
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