Morrison, on behalf of the Utilities Trust of Australia (UTA), has completed the divestment of UTA’s 50 per cent interest in Phoenix Energy.
CK William Group has acquired the entire issued share capital of Lionrai, the holding company of Phoenix Energy. It was originally acquired by UTA and NatWest Group Pension Fund in 2013.
Phoenix Energy operates one of three gas distribution networks licensed to operate in Northern Ireland. It has about 160 employees and its network coverage extends to approximately 48% of Northern Ireland’s population, including Greater Belfast. Since inception, it has built around 4,000 km of gas network pipelines, establishing new connections at the rate of around 10,000 per year.
Today the business is implementing a range of initiatives to deliver greener gas solutions such as biomethane and hydrogen to support the energy transition. Phoenix Energy has established high standards for its safety and environmental performance, meeting regulatory requirements and ensuring its customers are fully informed about the safe use of gas appliances.
Rajiv Khakhar, Executive Director for Morrison, said, “We are proud of the growth of the business and the long-term value this investment has delivered to UTA and its investors. Phoenix Energy holds a strong market position as it changes ownership, having continued to connect more customers, expand its network, and launch a range of green initiatives during this period.”
CK William Group is a global investment holding company, currently owning four energy businesses in electricity and gas distribution, water and sustainable energy production.
A Sale and Purchase Agreement in relation to the transaction was signed in March 2024.
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