You are here: Home - Household Bills - News -

Ovo buy out of SSE gets green light

Written by: Paloma Kubiak
The competition regulator has approved Ovo Energy’s acquisition of SSE’s retail arm.

The Competition and Markets Authority (CMA) has cleared the £500m deal which will see Ovo acquire SSE’s household energy, home services and telecoms business.

Ovo Energy expects the deal to complete in January 2020 and means it will be propelled into the ‘big six’ energy suppliers along with British Gas, Npower, EDF Energy, Scottish Power and E.ON.

Until then, the two energy firms remain competitors while they work together to plan how SSE will be incorporated into Ovo.

Following the sale, the SSE brands will continue to operate as normal, so customers shouldn’t see any immediate changes and no interruption to service.

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.”

Ovo announced its plans to buy SSE’s household energy business in September this year. SSE previously had plans to merge with Npower last year but the deal was scrapped after the companies failed to reach an agreement on financial contributions to support the combined entity.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Payday lender Piggybank collapses

Payday lender Piggybank has gone into administration and all new lending activity has stopped.