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Hong Kong’s CK Group to Buy Northern Ireland’s Phoenix Energy for HK$7.4 Billion

In a major business deal, a consortium of Hong Kong’s CK Infrastructure, CK Asset, and Power Assets has announced the acquisition of Northern Ireland gas distribution network operator, Phoenix Energy, for an enterprise value of about HK$7.4 billion.

The consortium, led by billionaire Li Ka-shing’s infrastructure flagship CK Infrastructure and property arm CK Asset, will each hold a 40% stake in the acquisition, with utility investment unit Power Assets owning the remaining 20% stake.

“We are very happy to acquire another quality asset characterized by stable returns,” said Victor TK Li, chairman of CK Infrastructure and CK Asset.

Phoenix Energy, established in 1996, owns and operates the largest natural gas distribution network in Northern Ireland, covering 78% of gas connections and providing services to 48% of the population in the country.

The deal includes Lionrai Investments No.1, the entity that owns Phoenix Energy, being acquired from NatWest Group Pension Fund and Utilities of Australia International. The enterprise value comprises an equity value of 312.6 million pounds and a net debt of 444.4 million pounds.

Shares of CK Infrastructure were trading 0.6% higher, while both CK Asset and Power Assets were up 1.6% following the announcement of the acquisition.

This acquisition marks a significant move in the energy sector and highlights the growing presence of Hong Kong-based companies in international markets.