SSE completes acquisition of Phoenix Supply Ltd
SSE plc, through its wholly-owned subsidiary Airtricity Energy Supply (Northern Ireland) Limited, has today completed the acquisition of Phoenix Supply Limited, a regulated supplier of natural gas to 130,000 customers in Northern Ireland, from Phoenix Energy Holdings Limited, a Terra Firma company.
The enterprise value of the business being acquired is £19.1million excluding working capital related adjustments.
The completion of the acquisition, which was announced on 16 May 2012, follows the receipt of approval by the Irish Competition Authority.
In addition SSE, through its wholly-owned Republic of Ireland-registered subsidiary Airtricity Limited, has acquired Phoenix Energy Limited, which supplies gas in the Republic's deregulated commercial supply market.
SSE is the fastest-growing energy supplier on the island of Ireland. The company now provides energy and energy related services to over 750,000 gas and electricity customers, around 20% of the all-island total energy market. In addition to being the second largest gas provider on the island SSE is now the only energy company supplying dual fuel to domestic customers in both Northern Ireland and the Republic of Ireland.
The completion of this acquisition and of the Endesa Ireland acquisition announced earlier this month will make SSE the third largest energy company in Ireland.
Alistair Phillips-Davies, Generation and Supply Director of SSE, said:
"We are delighted that the acquisition of Phoenix Supply, which marks an exciting new chapter in the continued development of SSE in Northern Ireland, has been completed so quickly. This acquisition is in keeping with our core purpose of providing our customers with the energy they need, and it marks a significant point for SSE as we become the first domestic dual fuel provider operating in both the Northern Ireland and Republic of Ireland markets. We are now looking forward to working with staff of Phoenix Supply as we build on the opportunities presented by this acquisition."