Airtricity, a subsidiary of SSE - one of the big six energy companies -is set to complete the acquisition of Phoenix's gas supply business, according to an article published by BBC News.
Phoenix will continue to keep the distribution side of its business - which includes the gas pipes considered to be its most valuable asset; however, Airtricity will take over the supply arm, which as a result will make it the second biggest supplier in Northern Ireland.
The deal is set to benefit around 230,000 customers in the country, who will be able to take up the first ever duel fuel billing offered by a supplier.
Chief executive of Airtricity, Kevin Greenhom, commented on the takeover.
He said: "Through this deal we extend our commitment towards serving customers, employing people, and making investments in Northern Ireland to Phoenix Supply customers and staff.
"We are committed to maintaining the same locally based staff and upon receipt of approval from the Competition Authority we look forward to welcoming Phoenix Supply staff into the SSE family as we grow our business here.
"We look forward to completing this acquisition as soon as possible," he added.
Northern Ireland's Consumer Council has reassured customers of both Airtricity and Phoenix that the takeover will not have any immediate impact on them.
A spokesperson for the council said: "Aside from a potential change in name, PSL gas customers in greater Belfast and Lame will continue to receive their gas supply without interruption.
"Looking forward, we would hope that this move could lead to new product for consumers and a strong focus on customer service," the spokesman added.
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