ESB’s €1.4bn takeover of NIE complete

THE ESB has completed its £1.2 billion (€1.4bn) takeover of Northern Ireland Electricity (NIE) from the Viridian Group — a deal first agreed upon by the two parties in July.

The deal, which gained Competition Authority approval both here and in Britain in late October, will see the ESB strengthen its leading share of the all-Ireland electricity market, which was merged three years ago.

The acquisition will also result in the ESB taking control of a number of NIE subsidiaries, including NIE Powerteam Ltd and Powerteam Electrical Services (UK) Ltd, which provide electrical construction and maintenance services.