Written answers
Tuesday, 17 June 2014
Department of Communications, Energy and Natural Resources
Bord Gáis Privatisation
Michael Moynihan (Cork North West, Fianna Fail)
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421. To ask the Minister for Communications, Energy and Natural Resources if he will provide an update on the sale of Bord Gáis Energy; the total revenue to be received by the State on the sale of the company; the total legal, consultancy and other costs associated with the sale of the company; and if he will make a statement on the matter. [25680/14]
Pat Rabbitte (Dublin South West, Labour)
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On 25 March 2014, BGE signed an agreement for the sale of Bord Gáis Energy, which is currently expected to complete on 30 June 2014 subject to receipt of regulatory and merger approvals. The sale of Bord Gáis Éireann's (BGÉ) energy business is for an enterprise value of up to €1.1 billion. Following sale completion, it is expected that BGÉ will commence the payment of special dividends to the Exchequer which will be used to support job creating initiatives in the economy. The final revenues to the State will be known following the restructuring of BGÉ in line with the Gas Regulation Act 2013 and the re-financing of BGÉ's debt, which is required following this major transaction and restructuring process. The final details on fees associated with the sale of Bord Gáis Energy have yet to be finalised and as I previously advised the Deputy, once the fees are finalised, they will be made public.
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