A mega-deal in April where a Hong Kong-led consortium bought the north’s main gas distributor Phoenix Energy was the biggest acquisition in nearly a decade and the third highest by value in Northern Ireland corporate history, according to Experian.
The global information services firm’s report looking at mergers and acquisitions activity in the first half of 2024 revealed that the north has outperformed the wider market so far this year, with sustained levels of deal activity year on year, alongside a significant increase in transaction value.
Corporate bidders remain the primary source of deal activity, accounting for around two-thirds of the overall market, and overwhelmingly target companies in the small to mid-market value range.
But of the almost £900 million worth of deals conducted over the period, it was the HK$7.4 billion (£760 million) takeover of Phoenix by Hong Kong-based Power Assets Holdings that dominated the numbers.
Experian’s quarterly UK and Republic review cited “a return to big ticket M&A” as disclosable deal value in Northern Ireland reached almost £900m in the first six months of this year.
That was up from just £186m during the first half of last year and was the highest H1 figure since £1.7bn worth of deals were recorded in the opening six months of 2018.
Corporate law firm A&L Goodbody (ALG) advised on over 85% (or 24) of the disclosable transactions, including advising that consortium of Power Assets Holdings, CK Infrastructure Holdings and CK Asset Holdings on its acquisition of Phoenix Energy.
David Rowan, head of corporate at ALG in Northern Ireland, said: “Over the past decade we have consistently ranked as the lead adviser by value of deals, acting on many of the largest and most complex local and international transactions with the greatest impact on the economic development of Northern Ireland.”
He attributed ALG’s continued market leading performance in the M&A sector to the commercial focus of the firm’s corporate practice, led in Northern Ireland by partners Peter Stafford, Mark Thompson, Mark Stockdale, Sarah Dugdale, John Palmer and David Rowan, and supported by the Belfast office’s wider team of over 130 lawyers and business support professionals.
Meanwhile Belfast commercial law firm Tughans retained its top position for M&A activity in the north (which it has maintained for the previous nine years) and also climbed the UK rankings, according to the Experian report.
Tughans managing partner Patrick Brown said: “We are immensely proud to retain our leading position in Northern Ireland which has led to a significant improvement in our UK ranking.
“This achievement is a testament to the hard work , dedication, and expertise of our team, as well as the trust our clients place in us.”
