Terra Firma Capital Partners, the buyout group run by dealmaker Guy Hands, is close to agreeing a deal to sell its Northern Irish gas distribution company Phoenix Energy Holdings Group to Hastings Funds Management, Bloomberg reported on Thursday.
(Reuters) – Terra Firma Capital Partners, the buyout group run by dealmaker Guy Hands, is close to agreeing a deal to sell its Northern Irish gas distribution company Phoenix Energy Holdings Group to Hastings Funds Management, Bloomberg reported on Thursday.
The deal could be announced as soon as Friday, Bloomberg reported citing two people familiar with the talks, and could be worth about 700 million pounds ($1.06 billion), the financial news wire cited one of the people as saying.
Terra Firma, best known for its purchase of music group EMI, which it later lost to Citigroup (C.N:Quote, Profile, Research, Stock Buzz) after defaulting on its loans, invested in Phoenix Energy in 2005, according to its website.
The private equity company, which has also invested in groups as diverse as aircraft leasing firm Awas, cinema operator Odeon & UCI, German motorway services group Tank&Rast and British housing group Annington Homes, declined to comment to Reuters on the report.
Hastings Funds Management could not immediately be reached for comment.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.