SSE in talks to sell energy business to OVO

Energy & Low Carbon Industry | Latest News | Mergers & Acquisitions | South East

One of the UK’s ‘Big Six’ energy providers, SSE, is currently negotiating the sale of its retail energy business to the Ovo Group, however, no deal has been finalised.

Should the deal get approval, then Ovo would become one of the largest energy firms in the UK, despite being founded less than ten years ago.

At their half-year results meeting, SSE announced its intentions to sell its energy services division, after half a million customers switched suppliers.

A statement from SSE read: “As it said in its Preliminary Results Statement in May, and reiterated in its Q1 Trading Statement in July, SSE is actively progressing a number of options for the future of SSE Energy Services, having determined that its best future lies outside the SSE group.

“In line with this, and noting recent media speculation, SSE plc can confirm it is in discussions with Ovo Group over the possible sale of the SSE Energy Services business, which supplies energy and related services to around 5.7 million household customers across Great Britain.

“These discussions are continuing, however no final decisions have been taken and no agreements regarding the terms of any transaction have been entered into. The Board remains focused on securing the best long-term future for the business, its customers and employees, and for shareholders. SSE will provide no further comment on the discussions until a conclusion to them has been reached. In the meantime, it remains focused on the important work of delivering sector-leading service for its customers.”

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