Viridian Group’s Bahraini owner, Arcapita Bank BSC, is seeking first-round bids for Northern Ireland’s largest energy supplier next month, according to two people with knowledge of the matter.
Bloomberg reports that Arcapita, which is being advised by Evercore Partners in London, has called for bids on 15 January, said one of the people, who asked not to be named as the process is private.
It has been reported that the Belfast-based company, which also operates Energia, may be worth as much as €1bn.
Viridian, which was bought by Arcapita in 2006, is likely to attract interest from Centrica, according to Davy analyst Joseph McGinley.
Centrica led a group that bought Irish energy company Bord Gáis Energy last year for €1.12bn.
A spokesman for Centrica, the biggest energy supplier to UK homes, declined to comment.
Arcapita filed for Chapter 11 protection in the US in 2012 after talks with creditors over a syndicated loan failed, before exiting bankruptcy a year later after securing a $350m loan from Goldman Sachs.
