Bord Gáis Energy to be sold for €1.12 billion

//Bord Gáis Energy to be sold for €1.12 billion

Bord Gáis Energy to be sold for €1.12 billion

The deal relates to the retail operations of Bord Gáis Energy, along with a power station and some wind farms

Bord Gáis Energy is to be sold to Centrica – the company behind British Gas – and two other companies for €1.12 billion.

Centrica and two other companies – Brookfield Renewable Power and iCON Infrastructure – have been chosen as preferred bidders to buy Bord Gáis’ retail operations, a power station and some wind farms. 

The deal is expected to conclude in the first half of next year.

Late last month the Government postponed the sale of Bord Gáis Energy after it said the bids it received failed to reach “an acceptable value”.

A price tag of around €1.5 billion had been placed on the utility company at first, however bids placed at that stage were understood to be closer to the €1 billion mark.

In a statement, Minister for Communications, Energy and Natural Resources Pat Rabbitte said the Government would now begin negotiations with the preferred bidders with a view to concluding a deal early next year.

It said Bord Gáis Éireann would also engage with its employees and the preferred bidder to deal with matters that arise from the planned sale.

RTÉ News – News Headlines

By | 2013-12-12T22:41:04+00:00 December 12th, 2013|Headlines|0 Comments