Investment management company I Squared Capital will buy energy company Viridian Group Holdings Limited from investment bank Arcapita, it confirmed today.
I Squared Capital declined to comment on the value of the deal. The Financial Times newspaper yesterday reported that the acquisition was worth €1 billion.
In a statement, I Squared Capital said it would acquire 100% of Viridian in an all-cash deal which it expected to complete in the second quarter of this year.
Viridian has two main brands, Energia in the Republic and Power NI in Northern Ireland. It also operates two power plants at Huntstown in north Dublin and has invested in wind farms in the Republic.
The company, which has an annual turnover of around €2 billion, has an estimated 20% share of domestic electricity sales volumes and a 27% share of business volumes on an all-island basis.
