Consortium of 3 Li Ka-shing firms acquires Phoenix Energy, Northern Ireland’s largest natural gas distribution network, for US$941 million
- CK Infrastructure, CK Asset Holdings and Power Assets Holdings acquire Lionrai Investments No. 1, which owns 100 per cent of Phoenix Energy, from NatWest Group Pension Fund and Utilities Trust of Australia
- Very happy to acquire quality asset characterised by stable returns: Victor Li Tzar-kuoi
![Phoenix Energy covers nearly half of the local population of Northern Ireland, including Greater Belfast, and covers 78 per cent of gas connections in the country. Photo: Handout](https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/04/24/b893364d-e094-4db1-aac7-d899777f8a0e_95650246.jpg?itok=hXTYZaKF&v=1713965963)
The consortium has reached an agreement to acquire Lionrai Investments No. 1, which owns 100 per cent of natural gas network company Phoenix Energy, from NatWest Group Pension Fund and Utilities Trust of Australia in a deal worth £757 million (US$941 million). The transaction is expected to be completed by the end of this month, the group said.
CK Infrastructure and CK Asset each hold 40 per cent equity interest in the consortium, while Power Assets holds the rest.
Beginning operations in 1996, Phoenix Energy is one of three gas distribution network operators in Northern Ireland and is now the region’s largest natural gas network company. It operates a network that covers nearly half of the local population, including Greater Belfast, and covers 78 per cent of gas connections in Northern Ireland.
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