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We present Herschel and XMM-Newton observations of ULASJ1234+0907($z=2.503$), the reddest broad-line Type 1 quasar currently known with(i-K)>7.1. Herschel observations indicate that the quasar host is ahyperluminous infrared galaxy (HyLIRG) with a total infrared luminosity oflog10(LIR/L0)=13.90+/-0.02. A greybody fit gives a dust temperature ofTd=60+/-3K assuming an emissivity index of beta=1.5, considerably higher thanin submillimeter bright galaxies observed at similar redshifts. The starformation rate is estimated to be >2000M0/yr even accounting for a significantcontribution from an AGN component to the total infrared luminosity orrequiring that only the far infra-red luminosity is powered by a starburst.XMM-Newton observations constrain the hard X-ray luminosity to beL(2-10keV)=1.3e45 erg/s putting ULASJ1234+0907 among the brightest X-rayquasars known. Through very deep optical and near infra-red imaging of thefield at sub-arcsecond seeing, we demonstrate that despite its extremeluminosity, it is highly unlikely that ULASJ1234+0907 is being lensed. Wemeasure a neutral hydrogen column density of NH=9e21/cm^2 corresponding to AV~6mags. The observed properties of ULASJ1234+0907 - high luminosity and Eddingtonratio, broad lines, moderate column densities and significant infra-redemission from re-processed dust - are similar to those predicted by galaxyformation simulations for the AGN blowout phase. The high Eddington ratiocombined with the presence of significant amounts of dust in this quasar, isexpected to drive strong outflows due to the effects of radiation pressure ondust. We conclude that ULASJ1234+0907 is a prototype galaxy caught at the peakepoch of galaxy formation, which is transitioning from a starburst to opticalquasar via a dusty quasar phase.

ULASJ1234+0907: The Reddest Type 1 Quasar at z=2.5 Revealed in the X-ray and Far Infra-red