Equitix Investment Management Ltd has reached an agreement with iCON Infrastructure on the acquisition of Firmus Energy, a natural gas supplier in Northern Ireland. The acquisition is expected to complete in mid-February.

Established in 2005, Firmus Energy owns and operates a fast-growing, modern, regulated natural gas distribution network in the major towns and cities outside of Greater Belfast in Northern Ireland. The network is a natural monopoly and operates under an exclusive perpetual license subject to supervision and regulation by the Utility Regulator.

As at December 2018, the network served approximately 43,000 domestic, industrial and commercial end customers through a network of 1,350km largely polyethylene pipelines. The network covers an area of 200 square kilometers extending across Northern Ireland. Firmus Energy also owns the largest gas supply business in the network license area and the second largest gas supply business in Greater Belfast.

iCON was advised on the sale by Macquarie Capital and Freshfields Bruckhaus Deringer. DC Advisory and Allen & Overy were advisors for Equitix.