Harland & Wolff to Phoenix Energy: North’s Major Business Deals in 2024
In 2024, there were some major business deals happening up North. The sale of Harland & Wolff to Spain’s Navantia was a big one, capping off a year full of mergers and acquisitions. One of the standout acquisitions was when a consortium led by Hong Kong billionaire Li Ka-Shing’s CK Group purchased Phoenix Energy for a whopping £760 million, making it the largest gas distributor in Northern Ireland.
But it wasn’t just the big players making moves – in Fermanagh, a building products company formerly part of the Sean Quinn empire was sold to a Turkish conglomerate for around £280 million. This company, Mannok Holdings, employs about 800 people.
Tech companies were also busy with mergers and acquisitions. EPAM, a US software giant, made a significant move by acquiring First Derivative from Newry-based FD Technologies for £230 million. This deal involved around 1,800 staff joining EPAM. Additionally, French private equity firm Keensight Capital took a majority stake in Derry-based cyber security training firm MetaCompliance.
The property market saw some action too, with PropertyPal and Propertynews merging in August, and global private equity firm Vitruvian Partners acquiring Options Technology in October. The hospitality sector wasn’t left behind either – Galgorm Collection made headlines by acquiring the Roe Park Resort and Galgorm Castle Estate for a hefty £28 million.
Hotels changed hands left and right, including the Belle Isle estate in Co Fermanagh, which was bought for an estimated £7.5 million. The pub and nightclub scene also saw some shifts, with the Downey group buying Kelly’s Cellars in Belfast and a group of businessmen from Co Armagh and Co Down acquiring the Kremlin complex.
And the deals just kept coming, with Blair’s holiday park company being bought by Dublin-based Melior Equity Partners and Irish publisher Media Concierge taking over The News Letter and Morton Newspaper Group for a cool £65.1 million.
In conclusion, 2024 was a busy year for business deals in Northern Ireland across various sectors. From major acquisitions to mergers and investments, the business landscape up North was buzzing with activity.
