Bord Gáis expects to sell retail division by year-end

Bord Gáis will issue an information memorandum to potential bidders for its retail division, Bord Gáis Energy, by the end of this month, with the sale of the unit expected to be completed later this year.

The first State-owned asset set to be sold, as part of the Government’s agreement with the troika, could fetch anything between €1bn and €1.4bn, according to estimates and a number of big international utility players have been speculated upon as potential bidders, including Britain’s Centrica, Germany’s E.ON and French company, GDF Suez.

Speaking at the publication of Bord Gáis 2012 annual report yesterday, group finance officer Michael O’Sullivan said there were no surprises in the selection of interested parties and a mix of utilities and private equity bidders is anticipated. He added that between one and 10 bids are expected.