Centrica set to take over Irish energy firm in €1.12bn deal

Centrica is in line to take over the energy supply arm of Ireland’s state-owned Bord Gais Energy as part of a €1.12 billion (£942m) deal. The British Gas owner was […]

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By Priyanka Shrestha

Centrica is in line to take over the energy supply arm of Ireland’s state-owned Bord Gais Energy as part of a €1.12 billion (£942m) deal.

The British Gas owner was named the preferred bidder yesterday as part of a consortium of UK and Canadian investors after the Irish Government put the energy company up for sale to help pay some of its debts.

Ireland’s Minister for Communications, Energy and Natural Resources Pat Rabbitte and Brendan Howlin, Minister for Public Expenditure and Reform said: “The successful conclusion of the sale will help provide additional funding to enable investment in infrastructure and jobs.”

Bord Gais will now talk with investors on final terms of the deal, which is expected be signed early next year and completed in the first half of 2014.