Energia sale moves closer

The best news, analysis and comment from The Irish Times business desk


New York-based investment firm I Squared Capital has hired investment bankers from Morgan Stanley and Barclays to sell Irish electricity and gas utility Energia for about €2.75 billion, eight years after it bought the business, Joe Brennan reports. A sale is expected to launch in the coming months.

The DAA could rent an unused car park near Dublin Airport to ease its summer parking problems without triggering any competition issues, after regulators killed its attempt to buy the car park outright. Barry J Whyte reports that the airport authority has made a number of approaches to Gerry Gannon, the owner of the former QuickPark site on the Swords Road, about such a lease arrangement but that no deal has yet been reached.

Barry also reports that Johnny Ronan has filed proceedings in the High Court seeking a €3.3 million judgment against a company linked to his former backer, Fortress Investment Group. Mr Ronan claims that he is owed the money as part of a deal he made with Fortress in 2022 in relation to the Fibonacci Square office block complex in Ballsbridge.

Is there any real difference on trade between US president Joe Biden and Donald Trump? Rana Foroohar unpacks what Biden’s tariffs really mean.

Emerald Park in Co Meath saw visitor numbers dip marginally last year following its rebrand from Tayto Park, but it expects to come close to enjoying its best ever year in 2024 following the opening of a new €22 million section on Tuesday. Joe Brennan reports.

In Commercial Property, Ronald Quinlan reports that Stripe is taking new office space near Dublin’s Grand Canal, while a landmark pub at Baker’s Corner in Dublin with potential for residential development is on the market for €7 million.

Shares in Dublin-based convenience foods group Greencore soared by almost 18 per cent on Tuesday after the company published half-year results slightly ahead of forecasts and announced a £50 million (€58.5 million) return for shareholders, via buy-backs and dividends. Colin Gleeson and Ciaran Hancock report.

Staying with food, most Irish consumers want more sustainable food, but only a minority are willing to pay for them. That’s according to a new survey published to coincide with the annual food and beverage finance summit taking place at University College Cork on Wednesday. Eoin Burke-Kennedy has the details.

Europe is not in a trade war with China but still needed to reduce the risks associated with being overly dependent on the global power, European Commission president Ursula von der Leyen has said. Jack Power reports.

Accumulated profits at the touring firm owned by singer and songwriter, Dermot Kennedy last year rose to €4.44 million. As Gordon Deegan reports, Kennedy’s Riggins Touring Ltd recorded post-tax profits of €2 million for the 12 months to the end of June last. This is an increase of 15.5 per cent on the post-tax profits of €1.76 million recorded in the previous year.

Vehicle rental group Enterprise has been ordered to pay €10,000 in compensation to a worker who said she was “humiliated” and forced to return to an old role after discovering her salary upon promotion was to be thousands of euro less than the pay for men in the same role elsewhere in the organisation. Stephen Bourke covered the hearing.

The European Central Bank (ECB) governing council is holding a two-day retreat at the Mount Juliet resort in Co Kilkenny on Tuesday and Wednesday, in its last gathering before a widely-telegraphed rate cut in two weeks’ time. Joe has the story.

Ireland’s newest insurer wants to double or triple its headcount in the Republic over the next few years as it seeks to grab a high single or double-digit share of the market, its chief executive has said. Ian Curran reports on Outsurance’s big plans.

Bord Gáis Energy is to enter the offshore wind market after announcing a new partnership with global offshore wind developer Corio Generation. The two companies said the deal would see them explore opportunities to supply Ireland’s electricity market with green electricity from offshore wind and will play an important role in Bord Gáis’ commitment to expand its renewable energy portfolio. Colin has the story.

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