Viridian says no decision on IPO madeFriday 15 August 2014 12.40
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.