I Squared Capital agrees to acquire Viridian for €1bn
It has been reported that I Squared Capital has acquired Viridian for €1 billion. Viridian, operates in the Republic under Energia and in the North as Power NI. The Belfast-based energy company has a 20pc share of domestic electricity sales volume on an all-Ireland basis.
In addition to this Viridian also operates two power plants at Huntstown in north Dublin and has invested in wind farms in the Republic.
I Squared Capital partner Gautam Bhandari said the company intends to grow Viridian “to achieve its full potential”.
“The acquisition of Viridian is consistent with our strategy of investing in robust growth economies, such as Ireland, and within those economies selecting companies with stable cash flows and a potential to grow the business organically and through bolt-on acquisitions.”
Viridian chief executive Ian Thom said the company’s increased financial strength will help it capitalise on growth opportunities.
“We are excited by the opportunity to work with I Squared Capital, which brings a proven track record of successfully operating and helping to expand businesses such as Viridian,” Mr Thom said.
The deal will be an all-cash transaction for 100pc of Viridian and is expected to be completed during the second quarter of 2016.
