Saturday 20 January 2018

Terra Firma 'likely' to sell off Phoenix

PRIVATE-equity firm Terra Firma will likely consider selling its Phoenix Natural Gas business in Northern Ireland over the next 12 months, as the fund used to buy the gas business nears the end of its expected lifespan.

Terra Firma bought Phoenix, as well as Odeon and UCI Cinemas and energy firm Infinis, with a €2.1bn European private-equity fund. The fund is due to conclude in 2015, putting pressure on Terra Firma to realise its investments as it seeks to raise fresh capital.

In May, British company Terra Firma hired advisers to set up a stock market flotation for sale of Odeon and the sale of the others now looks likely.

The firm acquired Phoenix when it bought parent company East Surrey Holdings in 2005 for £450m (€522m).

It tried to pull out of the deal at the last minute, but was forced to carry through by the UK's Takeover Panel.

Irish Independent

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business