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).

ESB has entered into an agreement with the Arcapita Bank-owned Viridian Group for the acquisition, by a wholly-owned subsidiary of ESB, of Northern Ireland Electricity plc (NIE), the Northern Ireland transmission and distribution business of the Viridian Group.

THE ESB is in exclusive talks to buy the power network owned by the Viridian Group in Northern Ireland.

BAHRAIN-BASED Islamic investment firm Arcapita Bank said yester- day, it had completed its £1.62 billion (€2.4bn) purchase of Viridian Group, the North’s biggest electricity supplier.

Court approval has been given for ISEQ-listed energy company Viridian to be taken over by ElectricInvest Acquisitions Ltd.