Viridian advised on Bord Gáis bid

Viridian Group Ltd — Northern Ireland’s largest energy supplier — hired Macquarie Group Ltd to advise on its bid for the retail and power generation unit of Irish state-owned gas company Bord Gáis, people with knowledge of the matter said.

Bord Gáis continues to assess initial offers for the business, received on Jun 12, and has yet to outline when it will call for second-round bids, according to four other people, who asked not to be identified. The unit may be valued at as much as €1.4bn, including debt, two people familiar with the sale said May 28.

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 that it will sell its investments “on a coordinated basis designed to maximise value” as it seeks to emerge from Chapter 11 bankruptcy in the US.