CK group in $7.4b N Irish takeover

The CK group has reached an agreement to buy a 100 percent interest in Phoenix Energy, a gas distribution network in Northern Ireland, for HK$7.4 billion.

That came after the acquisition by a consortium formed by CK Infrastructure (1038) and CK Asset (1113) was approved by the European Commission last week.

Victor Li Tzar-kuoi, chairman of both companies, said, "We are very happy to acquire another quality asset characterized by stable returns."

The transaction is expected to be completed by the end of this month.

The companies each hold a 40 percent equity interest in the consortium, with the rest held by Power Assets (0006).

Phoenix Energy, which began operations in 1996, is now an industry leader with the largest network in Northern Ireland. Its network covers 78 percent of gas connections in Northern Ireland, providing services to 48 percent of the population, including greater Belfast.