Wednesday 25 April 2018

Viridian hires Macquarie to advise on Bord Gais Energy bid

21/5/2013; Brendan Howlin, T.D., Minister for Public expediture and Reform pictured at government buildings announceing that unions have drafted pay proposals for consideration following talks at the Labour Relations Commission. Picture credit; Damien Eagers / Irish Independent
21/5/2013; Brendan Howlin, T.D., Minister for Public expediture and Reform pictured at government buildings announceing that unions have drafted pay proposals for consideration following talks at the Labour Relations Commission. Picture credit; Damien Eagers / Irish Independent

Northern Ireland’s largest energy supplier Viridian has hired Macquarie to advise on a bid for Bord Gais Energy (BGE), according to a Bloomberg report.

The sale could be worth up to €1.4bn.

Bord Gais is assessing initial offers for the business that is being sold to meet the terms of the EU/IMF/ECB bailout deal.

Bidders submitted their first round offers on June 12.

A shortlist of bidders has yet to be announced and no date has been given for second round offers.

If Viridian emerges as the successful buyer its Northern Ireland units could be combined with BGE and ultimately be put up for sale in the future. Viridian is owned by Bahrain-based investment firm Arcapita.

It is emerging from Chapter 11, the US bankruptcy regime, but that does not directly affected Viridian.

Plans to sell state assets were announced by Minister for Public Reform Brendan Howlin earlier this year.

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