SSE, through its wholly-owned subsidiary Airtricity Energy Supply (Northern Ireland), has entered into an agreement with Phoenix Energy Holdings Limited, a Terra Firma company, to acquire the entire issued share capital in Phoenix Supply Limited, a regulated supplier of natural gas to 130,000 customers in Northern Ireland. SSE has also agreed to acquire Phoenix Energy Limited, which supplies gas in the Republic’s deregulated commercial supply market. The total cash consideration is £19.1m (€23.8m) excluding working capital related adjustments. The acquisition is subject to approval by the Irish Competition Authority and SSE expects to complete the purchase during the summer.
SSE is the fastest-growing energy provider in Ireland. Following the acquisition SSE will provide energy and energy related services to over 750,000 gas and electricity customers in the Northern Ireland and Republic of Ireland markets. It also owns and operates 500 MW of wind farm capacity on the island.