Phoenix Energy sold to Hong Kong billionaire

Phoenix Energy is being sold to a consortium associated with one of Hong Kong's wealthiest businessmen.

Phoenix owns and operates the largest natural gas distribution network in Northern Ireland, covering Greater Belfast, Larne and East Down.

It is currently owned by the NatWest pension fund and an Australian infrastructure investor.

They have agreed to sell it to three firms in the CK Group, which is owned by billionaire Li Ka-Shing.

'We are very happy to acquire another quality asset characterised by stable returns," Victor Li Tzar-kuoi, Li's elder son and chairman of CK Infrastructure said in a statement.

The consortium is paying about £760m with the deal expected to complete shortly.

Mr Li is one of Asia's wealthiest people having built a business empire in involved in property, retail, telecoms and power.

The billionaire, who is also a Canadian citizen, was knighted in 2000.

His other UK investments include the Superdrug retail business.