Centrica preparing à‚£1bn bid for Irish power company

Centrica is preparing a bid of more than €1bn for Viridian, Northern Ireland’s biggest power company, according to people familiar with the deal.

The firms owners Arcapita has set a deadline of Friday for first-round bids. The company supplies electricity to around 610,000 homes and businesses in Northern Ireland, and also owns gas-fired power stations and wind farms.
Ian Conn
Industry insiders told the FT Centrica, headed by Ian Conn (right) was likely to bid alone for the company, but might invite consortium partners to join at a later date to take on the generation side of the business.

Other potential bidders are looking at Viridian, according to those close to the deal, including AMP, the Australian financial services company.

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