Arcapita Bank seeks bids for NI energy supplier Viridian

Viridian's Bahraini owner, Arcapita Bank BSC, is seeking first-round bids for Northern Ireland's largest energy supplier next month, according to two people with knowledge of the matter.

Arcapita, which is being advised by Evercore Partners in London, has called for bids on January 15, said one of the people, who asked not to be named as the process is private.

A spokesman for Viridian declined to comment, while officials at Arcapita didn’t immediately respond to a request for comment.

Viridian, which was bought by Arcapita in 2006, is likely to attract interest from Centrica, according to Joseph McGinley, an analyst with Davy.

Centrica led a group that bought Irish energy company Bord Gais Energy last year for €1.12 billion.

A spokesman for Centrica, the biggest energy supplier to UK homes, declined to comment.

Arcapita filed for Chapter 11 protection in the US in 2012 after talks with creditors over a syndicated loan failed, before exiting bankruptcy a year later after securing a $350 million loan from Goldman Sachs.

Bloomberg