£500 million OVO acquisition of SSE Energy given green light


The UK’s Competition and Market Authority (CMA) has approved the acquisition of SSE Energy Services by OVO Energy, in a massive £500 million take-over.

According to OVO, the acquisition is expected to be completed in January 2020, and the move will accelerate the company’s transition to “clean, affordable energy for everyone”.

Related Stories:
OVO Energy to serve 5 million UK customers in £500 million acquisition
BlackRock raises $1 billion in first renewable fund close
New platform launched to boost community energy sharing in the UK

The deal makes OVO Energy one of the biggest energy suppliers in the UK, boosting OVO’s customer accounts by over 3.5 million household customers.

Both companies have given assurance that they will continue to operate independently as separate entities and serve their respective customers until the transaction is completed.

Read more of the latest smart energy business, finance and regulation related stories here.

OVO Energy CEO and Founder Stephen Fitzpatrick said: “We’re delighted with the CMA’s decision and look forward to bringing SSE into the OVO family.

“There is a low of work to be done but we’re excited about the challenge ahead and the opportunity to help even more customers on the journey to zero carbon.”