NatWest Said to Weigh Sale of £1.2 Billion Phoenix Energy Stake

NatWest Group Pension Fund is weighing the sale of its 50% stake in Phoenix Energy, a natural gas distributor in Northern Ireland, people with knowledge of the matter said.

The UK-based retirement fund is working with an adviser on the potential divestment, according to the people. Its stake in Phoenix Energy could be valued at about £1.2 billion ($1.5 billion), they said.

The asset is drawing interest from investors in Europe and Asia, the people said, asking not to be identified discussing confidential information. Deliberations are in the early stages and there’s no certainty they’ll result in a transaction, they ...