Menu
06/10/2006
Viridian agrees to £1.6 billion takeover
Northern Ireland electricity supplier, Viridian has today confirmed that it has accepted a £1.6 billion private equity takeover from Bahrain-based company ElectricInvest.
ElectricInvest, which is part of private equity business Arcapita, has agreed to pay a total of 1336p per share of Viridian, which also owns Northern Ireland Electric (NIE), Energia and Powerteam.
NIE is the main supplier of power to homes in Northern Ireland, while Energia supplies businesses and also runs the Huntsdown power station near Dublin.
The buyers said that the deal represented an opportunity for them to achieve “stable returns” from Viridian's regulated and non-regulated electricity businesses, and Viridian added that the deal was both “fair and reasonable.”
Arcapita already has a stake in a number of utility businesses throughout the UK, including a joint venture with npower to operate 19 wind farms, and South Staffordshire - a water company serving 1.2 million people, which they acquired in 2004.
Last year, Viridian reported revenues of around £976.8 million, an increase from £835.4 million during the same period last year.
Today's announcement of the sale has sent shares in Viridian up by 9%.
(EF/KMcA)
ElectricInvest, which is part of private equity business Arcapita, has agreed to pay a total of 1336p per share of Viridian, which also owns Northern Ireland Electric (NIE), Energia and Powerteam.
NIE is the main supplier of power to homes in Northern Ireland, while Energia supplies businesses and also runs the Huntsdown power station near Dublin.
The buyers said that the deal represented an opportunity for them to achieve “stable returns” from Viridian's regulated and non-regulated electricity businesses, and Viridian added that the deal was both “fair and reasonable.”
Arcapita already has a stake in a number of utility businesses throughout the UK, including a joint venture with npower to operate 19 wind farms, and South Staffordshire - a water company serving 1.2 million people, which they acquired in 2004.
Last year, Viridian reported revenues of around £976.8 million, an increase from £835.4 million during the same period last year.
Today's announcement of the sale has sent shares in Viridian up by 9%.
(EF/KMcA)
Related Northern Ireland News Stories
Click here for the latest headlines.
18 November 2003
Viridian Group announce half-year turnover up 12%
Viridian Group plc have announced that turnover has increased from £332m to £371m, up 12% on the corresponding period last year. The Group's operating profit increased 7% to £50.8m, up from £47.6m, and the contribution to operating profit from Viridian Power & Energy increased by £0.5m to £8.7m in the six-months to September 30, 2003.
Viridian Group announce half-year turnover up 12%
Viridian Group plc have announced that turnover has increased from £332m to £371m, up 12% on the corresponding period last year. The Group's operating profit increased 7% to £50.8m, up from £47.6m, and the contribution to operating profit from Viridian Power & Energy increased by £0.5m to £8.7m in the six-months to September 30, 2003.
04 November 2002
Viridian dispose of nevada tele.com shareholding
Northern Ireland based Viridian Group has announced the completion of the disposal of its 50% shareholding in nevada tele.com to joint venture partner Energis. Troubled telecommunications and internet services provider nevada's net liabilities as of March 31, 2002, were put at £14m and its operating loss for the year was £11m.
Viridian dispose of nevada tele.com shareholding
Northern Ireland based Viridian Group has announced the completion of the disposal of its 50% shareholding in nevada tele.com to joint venture partner Energis. Troubled telecommunications and internet services provider nevada's net liabilities as of March 31, 2002, were put at £14m and its operating loss for the year was £11m.
07 August 2003
Renewable energy partnership spearheads action programme
A partnership between the Department of Enterprise, Trade and Investment and the Viridian Group launched today, aims to encourage the development of renewable energy in Northern Ireland.
Renewable energy partnership spearheads action programme
A partnership between the Department of Enterprise, Trade and Investment and the Viridian Group launched today, aims to encourage the development of renewable energy in Northern Ireland.
13 November 2001
Viridian Group report slight fall in operating profit
The interim report from Viridian Group has shown a slight fall in the Group’s operating profit. Reporting on business activity during the six months to September 30, 2001, the Viridian Group have announced a 4 per cent fall in operating profits to £48.5million. During the six-month period, the Viridian Group invested £121.
Viridian Group report slight fall in operating profit
The interim report from Viridian Group has shown a slight fall in the Group’s operating profit. Reporting on business activity during the six months to September 30, 2001, the Viridian Group have announced a 4 per cent fall in operating profits to £48.5million. During the six-month period, the Viridian Group invested £121.
07 November 2002
Political crisis threatens confidence, investment and jobs
Three-quarters of Northern Ireland business leaders say the collapse of the Good Friday Agreement would destroy business confidence. The unexpected result was part of a BBC Northern Ireland Business Day Poll survey which also revealed that if current levels of violence escalate, half of local employers would postpone planned investment or cut jobs.
Political crisis threatens confidence, investment and jobs
Three-quarters of Northern Ireland business leaders say the collapse of the Good Friday Agreement would destroy business confidence. The unexpected result was part of a BBC Northern Ireland Business Day Poll survey which also revealed that if current levels of violence escalate, half of local employers would postpone planned investment or cut jobs.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
