Viridian says no decision on IPO made

Friday 15 August 2014 12.40
Viridian says it has made no decision on IPO
Viridian says it has made no decision on IPO

Irish energy firm Viridian Group has said it has made no decision to proceed with a floation of the company.

This follows reports from Reuters which said that its owner - Bahrain-based Arcapita Bank - has hired JP Morgan to lead a share listing for Viridian.

Sources familiar with the matter said a deal could give the firm a value, including debt, of nearly £1 billion, Reuters said.

However, an official at Viridian said today that the company "regularly work with a range of banks, including JPM, to assist with financing and strategic options." 

"We have made no decision to proceed with an IPO and JPMorgan have not been appointed as a global co-ordinator," the company added.

Belfast-based Viridian emerged as a holding company in 1998, after the 1993 privatisation of Northern Ireland Electricity.

It now operates through its Energia and Power NI businesses and owns two gas-fired generation plants at Huntstown, in Co Dublin.

Viridian, which has been owned by Arcapita Bank since 2006, reported earnings before interest, tax, depreciation and amortisation of £99m in the year to the end of March on £1.6 billion of revenue. Net debt stood at £582.7m.