ESB has entered into an agreement with the Arcapita Bank-owned Viridian Group for the acquisition of Northern Ireland Electricity (NIE), the Northern Ireland transmission and distribution business of the Viridian Group.

ESB will also assume obligations of the NIE Group, including those under a £175m ($265m) Eurobond.

Under the deal, ESB will also acquire NIE Powerteam and Powerteam Electrical Services (UK), which provide electrical construction and maintenance services.

NIE will continue to operate as a stand-alone business under the NIE brand and identity after the closing of the transaction.