A consortium consisting of Hong Kong's CK Infrastructure, CK Asset, and Power Assets is set to acquire Phoenix Energy, the gas distribution network operator in Northern Ireland. The deal, valued at approximately HK$7.4 billion, will see the consortium purchase Lionrai Investments No.1, the owner of Phoenix Energy, from NatWest Group Pension Fund and Utilities of Australia International. The enterprise value includes an equity value of 312.6 million pounds and a net debt of 444.4 million pounds. CK Infrastructure and CK Asset will each hold a 40% stake in the consortium, while Power Assets will own the remaining 20% stake. Phoenix Energy, which was established in 1996, operates the largest natural gas distribution network in Northern Ireland, covering 78% of gas connections and serving 48% of the country's population [62bff648].