ESB buys Northern Ireland Electricity

THE ESB has purchased Northern Ireland Electricity (NIE) for more than £1 billion (€1.2bn).

The company’s owner Viridian said the sale should be completed by the end of the year, subject to all conditions being met.

The Northern Ireland Electricity Group employs around 1,300 staff. As part of the acquisition ESB will also acquire certain associated companies of Northern Ireland Electricity, including NIE Powerteam Ltd and Powerteam Electrical Services (UK) Ltd, which provide electrical construction and maintenance services. ESB will also assume obligations of the NIE Group, including those under a £175m Eurobond.