I Squared Capital, the US firm founded by former Morgan Stanley executives, has said that the possibility of a Brexit did not come into play in its €1 billion purchase of Viridian.

Viridian trades as Energia in the Republic of Ireland and Power NI in Northern Ireland, thus connecting the energy grid north and south of the border. It enjoys a 20% share of domestic electricity sales volume on the island.

Despite the prospect of the UK voting to leave the EU on June 23rd, I Squared Capital partner Guatuam Bhandari says the firm is content that Ireland as a whole will continue to be an integrated market for utilities.

According to the Independent, Bhandari said:

"The 'laws of physics' won't change after the vote".

Aside from its Energia and Power NI brands, Viridian operates an electricity generation unit, a customer-facing energy businesses and renewables unit focused on wind energy.

Bhandari did not forecast a break-up, but rather saw the businesses as "complementary".

Income is split evenly between euro and sterling.