Business World

Thursday 18 September 2014

Firms in Republic eye Phoenix sale

Published 06/12/2012 | 05:00

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Northern Ireland gas distribution utility Phoenix is to be put up for sale by its private equity owner in a move that could attract interest from sector players south of the border.

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Scottish and Southern Electricity's Airtricity unit bought part of the Phoenix business earlier this year, while ESB also has a presence in the region, owning Northern Ireland Electricity.

Terra Firma, the UK private equity group founded by Guy Hands, has engaged Wall Street investment bank JP Morgan to handle the sale.

It is expected Phoenix will be put up for sale in the new year. It delivers gas to about 153,000 properties in the Belfast area and also owns and operates a 3,100km distribution pipeline network.

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Eurozone reports retail sales slump

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