Irish state-owned utility Electricity Supply Board (ESB) has completed the acquisition of Northern Ireland Electricity (NIE) from Arcapita Bank-owned Viridian Group for approximately £1.2bn.

ESB has also acquired certain associated companies of NIE, including NIE Powerteam and Powerteam Electrical Services (UK), which provide electrical construction and maintenance services.

In July 2010, ESB signed a conditional share purchase agreement to take over NIE that owns the regulated electricity transmission and distribution network in Northern Ireland.

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

ESB chief executive Padraig McManus said that ESB is committed to making the capital investment required to match future growth in the economy and to meet the Northern Ireland government’s targets in relation to the development of renewable energy.