Tuesday 22 October 2019

Centrica in €1.5bn bid for Bord Gais Energy

Nick Webb

Bord Gais Energy may be sold for close to €1.5bn, as advisers RBC Capital Markets issued an information memorandum to interested parties late last week.

British gas firm Centrica has confirmed it is interested in bidding for the semi-State outfit. NCB is advising the firm. Other likely bidders include Gaz de France, EDF, Eon and private equity players. Gulf-owned Viridian was also linked with a move for the gas company. Russian group Gazprom told the Sunday Independent that it was not a bidder.

New Era, the State agency charged with selling assets, has also been contacted by representatives of Asian and Gulf sovereign wealth funds.

"Subject to market conditions, we expect the sale to be concluded by the end of 2013," said a statement from Bord Gais Energy.

Bord Gais Networks is to remain in State ownership but the energy unit, which has 775,000 customers, Whitegate power plant, a large onshore wind-power portfolio and an energy supply business in Northern Ireland is to be sold. The company has forecast earnings of €250m by 2018.

Irish Independent

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