Private equity firm Terra Firma announced on Friday it has agreed to sell Phoenix Natural Gas to funds managed by Hastings and the Royal Bank of Scotland.
Phoenix owns and operates the Greater Belfast natural gas network, serving around half the population of Northern Ireland.
Phoenix had doubled in size since Terra Firma bought the company in 2005, according to chairman Guy Hands, increasing gas availability to 300,000 properties, of which 165,000 have connected.
“Phoenix is well positioned for future growth, and we are confident that under Hastings’ ownership it will continue to thrive,” he said.