Hong Kong's CK Group to buy Northern Ireland natgas distributor for $945 mln (updated)

CK Infrastructure Holdings

25/04/2024 05:07

(Updates with details of acquisition throughout)
       April 25 (Reuters) - A consortium of Hong Kong's CK
Infrastructure  1038.HK , CK Asset  1113.HK , and Power Assets
 0006.HK  will acquire a Northern Ireland gas distribution
network operator, Phoenix Energy for an enterprise value of
HK$7.4 billion ($945.3 million). 
    The consortium will acquire Lionrai Investments No.1, which
owns Phoenix Energy, from NatWest Group Pension Fund and
Utilities of Australia International, the group said in a
statement on Wednesday.
        CK Infrastructure, billionaire Li Ka-shing's
infrastructure flagship and his property arm, CK Asset, will
each hold 40% in the consortium, while utility investment unit
Power Asset will own the remaining 20% stake.
  
        Phoenix Energy, situated in Belfast, Northern Ireland,
owns and operates the largest natural gas distribution network
in the country, according to its 
    website
    , covering 78% of gas connections in Northern Ireland and
providing services to 48% of the population.
  
        
  
        
  
        
  

($1 = 7.8280 Hong Kong dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Mrigank
Dhaniwala and Eileen Soreng)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))