COMPETITION and Markets Authority has approved OVO’s plans to buy SSE’s household energy and related services business in Great Britain.
In September SSE agreed to sell its consumer business to OVO for £400m in cash and £100m in loan notes.
Stephen Fitzpatrick, CEO and Founder of OVO, commented on the news: “We’re delighted with the Competition and Markets Authority’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.”
As part of the sale, all of SSE Energy Services’ approximately 8,000 employees will transfer to OVO.
There are no changes to any SSE or OVO Energy accounts as a result of the approval of the plan.
Alistair Phillips-Davies, Chief Executive of SSE plc, added: “We are very pleased that the Competition and Markets Authority has cleared the proposed sale of SSE Energy Services to OVO Group.
“This underlines our long-held belief that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders.
“Completion of the transaction will give SSE plc 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.”
The two companies separate businesses right now but the purchase is expected to be completed in January 2020.