PHOENIX Natural Gas has been sold for $1 billion to an Australian Investment firm in one of the biggest deals in Northern Ireland corporate history.
Terra Firma agreed to sell Phoenix, which owns and operates the gas network in the greater Belfast area to Hastings.
Terra Firma chairman Guy Hands said the firm, which bought Phoenix in 2005 for £453 million was "delighted to realise our investment in Phoenix".
The deal is the first move in what could be a wholesale change in Northern Ireland's gas network.
Phoenix is said to be interested in acquiring its rival firmus, which is currently for sale as part of Bord Gais.
Mr Hands said: "The success of this investment highlights the expertise of Terra Firma in transforming asset-backed businesses in essential industries.
"Since we bought the company in 2005, Phoenix has doubled in size and has increased gas availability to 300,000 properties, of which some 165,000 have already connected to the network.
"Phoenix is well positioned for future growth and we are confident that under Hastings' ownership it will continue to thrive."
Hastings chief executive Andrew Day said: "The outlook for the use of natural gas as a clean and efficient fuel source in Northern Ireland is compelling. Phoenix continues to play an important role in bringing gas to consumers in the greater Belfast area and we are excited to support this.
"The successful transaction is a direct result of Hastings' global operating model and reflects our increased commitment to growing our capabilities in different regions for the benefit of our investors."
Phoenix Energy Holdings group chief executive Peter Dixon said: "Phoenix Natural Gas, our core business, is responsible for operating and extending our gas distribution network as well as developing and supporting the wider local natural gas industry in Northern Ireland.
"Over the past eight years, under Terra Firma's ownership, Phoenix has invested over £100m locally.
"The key ambition for Phoenix in the years ahead is to continue to grow significantly the distribution business, and attracting an investor such as Hastings into the local Northern Ireland economy will help us to meet this ambition.
""Hastings sees great opportunities for growth here in Northern Ireland and in particular was attracted by Phoenix's ambitions to continue to increase gas availability in its existing licence area, as well as to target opportunities for growth in areas that are new to Phoenix."
Hastings was one of Australia's first infrastructure fund managers and has around AUD$7.2bn in funds under management.
Its asset portfolio is predominantly made up of utilities, airports, toll roads and seaports in Australia, the UK, Europe and the United States.