DCC sells healthcare division for £1bn

(Sharecast News) - DCC said it has agreed to sell its healthcare division to HealthCo Investment, an independently managed unit of funds managed or advised by Investindustrial Advisors for a total enterprise value of £1.05bn. The Irish conglomerate on Monday said it expected total expected net cash proceeds of £945m, including an unconditional deferred amount of £130m receivable within two years, and would return surplus to shareholders "while maintaining a strong, investment-grade balance sheet".

Reporting by Frank Prenesti for Sharecast.com