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04/05/2010
NIE May Be Sold To Irish Republic
The main electricity company in the Irish Republic, ESB, has confirmed it is in talks to buy Northern Ireland Electricity (NIE).
NIE is the transmission and distribution business of Viridian, Northern Ireland's main power company.
NIE's ultimate owner is Arcapita, a Bahrain-based bank, which bought Viridian in 2006 for more than £1.6bn.
Arcapita reportedly tried to sell Viridian in 2008 though a buyer was not found.
The announcement about talks with ESB was made in statement to the Irish Stock Exchange this morning.
(BMcC/GK)
NIE is the transmission and distribution business of Viridian, Northern Ireland's main power company.
NIE's ultimate owner is Arcapita, a Bahrain-based bank, which bought Viridian in 2006 for more than £1.6bn.
Arcapita reportedly tried to sell Viridian in 2008 though a buyer was not found.
The announcement about talks with ESB was made in statement to the Irish Stock Exchange this morning.
(BMcC/GK)
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