SSE retail sale to Ovo cleared by UK regulator

Ovo Energy’s £500m takeover of SSE’s retail arm has been cleared by the Competition and Markets Authority, officials said on Tuesday.

SSE agreed in September to sell the consumer business to Ovo for £400m in cash and £100m in loan notes.

SSE chief executive Alistair Phillips-Davies said the company expected the deal to complete around mid-January 2020.

"Completion of the transaction will give SSE even sharper focus to delivering the low carbon infrastructure needed to help the UK reach net zero emissions.”

“We have a clear strategy around developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core," he said.