Moves to sell Viridian step up
Moves to sell Energia owner Viridian have stepped up with the appointment of advisors to run a sale process.
Bahrain based Arcapita is understood to have appointed Evercore, as Wall Street based investment bank to handle the deal, following a beauty parade of potential advisors.
Viridian owns Power NI, where it supplies electricity to about 610,000 homes and businesses.
In the Republic, Viridian owns Energia, which supplies electricity to the domestic and commercial market and includes the huge Huntstown Power Station in county Dublin.
Industry journal 'Sparkspread', which first reported the planned sale, said that Arcapita ran a beauty parade of potential advisers this month.
Arcapita bought Viridian in 2006 for £1.6bn, and looked at possible stock market flotation of the business last year. In 2010 it sold its Northern Ireland electricity transmission and distribution business to the ESB for £1.2bn.