SSE plc confirmed 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," SSE said

"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," SSE said

Ovo has about 1.5 million customers

Sky News, which first disclosed the talks, reported that while details of the transaction were unclear, "sources said it was likely to cost Ovo several hundred million pounds."

Tags:
U.K.   M&A   SSE   Ovo  

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