SSE Acquires 130,000 Customers In Northern Ireland
May 16 2012 - 2:50AM
Dow Jones News
SSE PLC (SSE.LN), an electricity and gas company, said Wednesday
that through its subsidiary Airtricity Energy Supply Ltd, has
entered into an agreement with Phoenix Energy Holdings Ltd, a Terra
Firma company, to acquire the entire issued share capital in
Phoenix Supply Ltd, a regulated supplier of natural gas to 130,000
customers in Northern Ireland.
MAIN FACTS:
-In addition SSE, through its Republic of Ireland-registered
subsidiary Airtricity Ltd, has agreed to acquire Phoenix Energy
Ltd, which supplies gas in the Republic's deregulated commercial
supply market.
-The total cash consideration is GBP19.1 million excluding
working capital related adjustments.
-The acquisition is subject to approval by the Irish Competition
Authority and SSE expects to complete the purchase during the
summer.
-SSE shares closed Tuesday at GBP13.25 pence, valuing the
company at GBP12.52 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275;
razak.baba@dowjones.com