History
Viridian was formed in 1998 as a holding company for Northern Ireland Electricity plc, the purpose of the reorganisation was to "step up the move into unregulated markets and for expansion overseas." NIE was a public utility which was privatised in 1993. Formerly a vertically integrated monopoly, NIE's power stations were demerged and sold prior to privatisation.
On 6 October 2006 Viridian's board agreed the acquisition of the group by ElectricInvest, a company owned by the international investment firm Arcapita. The acquisition, which valued Viridian at £1.62 billion, was completed on 8 December 2006.
On 6 July 2010, Viridian agreed to sell Northern Ireland Electricity - including NIE Powerteam, but excluding NIE Energy - to the Electricity Supply Board in the Republic of Ireland. The acquisition was completed in December 2010.
Read more about this topic: Viridian Group
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