Phoenix Natural Gas acquired for €250m

THE Northern Ireland distributor Phoenix Natural Gas has been acquired by British Firm East Surrey Holdings in a deal worth just over €250 million.

East Surrey, which had already owned 24.5% of Belfast-based Phoenix, paid €171.9 million for the 51% stake held by BG Group yesterday. A further 24.5% was bought from US energy firm KeySpan Corporation for €71m.

East Surrey Holdings holds the franchise to run water services in the south of England. Phoenix was set up in 1992 to develop a natural gas market and distribution system in the greater Belfast area by 2008.