SSE retail sale to Ovo cleared by UK regulator
SSE
1,753.00p
15:45 22/11/24
2.51%
43.00p
Ovo Energy’s £500m takeover of SSE’s retail arm has been cleared by the Competition and Markets Authority, officials said on Tuesday.
Electricity
10,777.22
15:44 22/11/24
2.19%
231.15
FTSE 100
8,260.10
15:45 22/11/24
n/a
n/a
FTSE 350
4,551.10
15:45 22/11/24
n/a
n/a
FTSE All-Share
4,506.61
15:45 22/11/24
n/a
n/a
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.