Terra Firma Capital Partners Ltd agreed to sell its gas distribution company in Northern Ireland. The Terra Firma's Phoenix Energy Holdings Group will be sold to Hastings Funds Management Ltd.
The private equity firm run by Guy Hands will sell the gas company for a deal valued at GBP7 million to Hastings Fund Management. The latter was established in 1994 and is one of the first infrastructure fund managers in Australia. The transaction was disclosed yesterday said a person familiar with the matter.
Phoenix Energy Holdings Group was established in 1996. The company has around 140,000 local and business clients. It also has more than 3,000 workers as stated in the company's website. Phoenix was established to bring natural gas to Northern Ireland. In 2005, Terra Firma invested in the company that is referred to as the biggest natural gas distribution and energy services firm in Northern Ireland.
The agreement was the second sale of an asset done by Terra Firma this year after the Deutsche Annington Immobilien IPO listed on the Frankfurt Stock Exchange last July.
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