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Bahrain bank seeks to float Viridian

Friday, August 15 10:34:29

Bahrain-based Arcapita Bank has hired JP Morgan to lead a share listing for Irish energy firm Viridian Group.

According to reports, the deal could give the Irish firm a value, including debt, of nearly E1.25 billion.

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 amortization of 99 million pounds in the year to the end of March on 1.6 billion pounds of revenue. Net debt stood at 582.7 million pounds.

According to Thomson Reuters data shares in UK industry peers SS and E, Centrica, Drax, United Utilities, Severn Trent and National Grid on average are currently trading on an enterprise value (EV) to prospective EBITDA multiple of 10.3.

No one at Arcapita Bank was immediately available to comment. Officials at Viridian and JP Morgan declined to comment.

The initial public offering (IPO) is expected to be launched before the end of the year with the listing likely to be in London, the sources said.

JP Morgan has been hired as global co-ordinator and will be looking to add further banks to the deal, they said. (Reuters)

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