SSE retail sale to Ovo cleared by UK regulator
SSE
1,605.50p
12:40 24/12/24
0.06%
1.00p
Ovo Energy’s £500m takeover of SSE’s retail arm has been cleared by the Competition and Markets Authority, officials said on Tuesday.
Electricity
9,942.35
12:54 24/12/24
0.07%
6.99
FTSE 100
8,136.99
12:59 24/12/24
n/a
n/a
FTSE 350
4,491.87
12:54 24/12/24
n/a
n/a
FTSE All-Share
4,449.61
13:14 24/12/24
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.