Ireland: Terra Firma Sells Phoenix to Hastings

Terra Firma Capital Partners sold its Northern Irish gas distribution company Phoenix Natural Gas Limited to Hastings Funds Management and The Royal Bank of Scotland Group Pension Fund (RBSGPF), reads a note released by the company, explaining that Hastings manages an unlisted infrastructure mandate for RBSGPF.

“The outlook for the use of natural gas as a clean and efficient fuel source in Northern Ireland is compelling. Phoenix continues to play an important role in bringing gas to consumers in the Greater Belfast area and we are excited to support this,” said Andrew Day, Hastings Chief Executive.

Terra Firma, led by Guy Hands, casted around for buyers since December 2012, after investing over £100 million in Northern Ireland in the past eight years. Phoenix Energy Holdings, which owns and operates the natural gas network in Greater Belfast, had already sold Phoenix Supply Ltd and Phoenix Energy Limited to Airtricity (SSE plc).

“The key ambition for Phoenix in the years ahead is to continue to grow significantly the distribution business, and attracting an investor such as Hastings into the local Northern Ireland economy will help us to meet this ambition,” commented Peter Dixon, Group Chief Executive, Phoenix Energy Holdings.

According to Bloomberg, Hastings, specialist fund manager of infrastructure equity, may pay about 700 million pounds ($1.06 billion). Its portfolio predominantly compromises utilities, airports, toll roads and seaports in Australia, Europe and USA.