A consortium of Hong Kong's CK Infrastructure, CK Asset, and Power Assets has announced that it will acquire the Northern Ireland (UK) gas distribution network operator Phoenix Energy, for an enterprise value of about HKD7.4bn (US$945m).
The consortium will acquire Lionrai Investments No.1, which owns Phoenix Energy, from NatWest Group Pension Fund and Utilities of Australia International. CK Infrastructure and CK Asset will each hold 40% in the consortium, while the utility investment unit Power Assets will own the remaining 20% stake.
Phoenix Energy, established in 1996, owns and operates the largest natural gas distribution network in Northern Ireland, covering 78% of gas connections and providing services to 48% of the population.