The U.K. Competition and Markets Authority (CMA) has approved OVO Energy's proposed acquisition of SSE Energy Services.

"The leadership teams from both companies will continue to work together to carefully plan how SSE is brought into the OVO family," OVO said in noting the CMA approval

OVO Energy expects the transaction to complete in January 2020.

Until then, both companies will continue to operate independently as separate entities and serve their respective customers.

As previously reported, on 13th September 2019, OVO Energy announced it had agreed to acquire SSE’s household energy and related services business for £500 million, comprising £400 million in cash and £100 million in loan notes

Together, the companies serve almost 5m households across the UK. OVO serves 1.5m household customers and SSE Energy Services serves 3.5m.

Tags:
M&A   U.K.   OVO Energy   OVO   SSE  

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