OVO Energy’s acquisition of SSE approved

OVO Energy has had approval from the Competition and Markets Authority (CMA) for its acquisition of SSE Energy Services, with OVO expecting the transaction to complete in January 2020.

Stephen Fitzpatrick, CEO and founder of OVO, said: “We’re delighted with the CMA’s decision and look forward to bringing SSE into the OVO family. There is a lot 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."

On 13September 2019, OVO Energy announced it had agreed to acquire SSE’s household energy and related services business for £500m, comprising £400m in cash and £100m in loan notes. The combined companies will serve almost 5 million households - OVO serves 1.5m household customers and SSE Energy Services serves 3.5m.

OVO’s Plan Zero commits it to mobilising all customers to eliminate their household emissions and halve their total carbon footprint by 2030, and this target will be rolled over to existing SSE customers.

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