Viridian, Northern Ireland's largest energy supplier, has hired Macquarie to advise on its bid for the retail and power generation unit of Bord Gáis Éireann, people with knowledge of the matter have said.

Bord Gáis continues to assess initial offers for the business, received June 12th, and has yet to outline when it will call for second-round bids, according to sources, who asked not to be identified, as the process is private.

Combined company
The unit may be valued at as much as €1.4 billion, including debt. A successful Viridian bid may ultimately lead to a combined company with Bord Gáis Energy being put up for sale in the future.

Viridian's parent, Bahrain-based investment firm Arcapita Bank BSC, said last month it will sell its investments "on a co-ordinated basis designed to maximise value" as it seeks to emerge from Chapter 11 bankruptcy in the US.

Viridian has said that Arcapita’s restructuring plan doesn’t affect its day-to-day business and that the Northern Ireland power company is “financially self sufficient”.

It said Arcapita’s plans include that its investments be sold “over their natural investment life cycle”. – (Bloomberg)