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East Surrey Holdings

East Surrey Holdings, the water and gas group that owns Phoenix Natural Gas, has accepted a £453m takeover offer from Terra Firma.

East Surrey Holdings is to acquire full ownership of Phoenix Natural Gas, the Belfast-based gas distributor, for £178m.

East Surrey Holdings has acquired two local gas network operations from United Utilities for £3.1m, including United Utilities Gas Networks and United Utilities Gas Pipelines.

East Surrey Holdings has sold The Classic Water Company, its bottled water supply business with 31 staff in Surrey and Essex, to Culligan International for £3.3m.

East Surrey Holdings is to invest a further £12m in the Phoenix Natural Gas joint venture over the next three years, in order to develop a new gas distribution network in Belfast in partnership with BG and KeySpan Energy.