Arcapita Bank hires JP Morgan to float Viridian

Bahrain-based Arcapita Bank has hired JP Morgan to lead a share listing for Irish energy firm, Viridian Group, two sources familiar with the matter said on Thursday, in a deal that one said could give the firm a value, including debt, of nearly £1bn (€1.25bn).

Belfast-based Viridian emerged as a holding company in 1998, after the 1993 privatisation of Northern Ireland Electricity. It now operates through its Energia and Power NI businesses, and owns two gas-fired generation plants at Huntstown, north of Dublin.

Viridian, which has been owned by Arcapita Bank since 2006, reported earnings before interest, tax, depreciation and amortisation of £99m in the year to the end of March; on £1.6bn of revenue. Net debt stood at £582.7m.