London, 10 December 2019: OVO Energy, the UK’s leading independent energy supplier, welcomes today’s announcement that the CMA has approved the proposed acquisition of SSE Energy Services.
The leadership teams from both companies will continue to work together to carefully plan how SSE is brought into the OVO family.
OVO Energy expects the transaction to complete in January 2020.
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.”
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Notes to Editors
About OVO’s acquisition of SSE
- On 13th September 2019, OVO Energy announced it had agreed to acquire SSE’s household energy and related services business for £500 million, comprising £400 million in cash and £100 million in loan notes, marking a significant moment for the energy industry.
- Together, the companies serve almost 5m households across the UK.
- The acquisition will accelerate OVO’s ambition to provide clean, affordable energy for everyone.
- Combining SSE’s scale and OVO’s technology capabilities will enable millions more customers to experience the latest technology to decarbonise their homes, while keeping their costs down and continuing to receive great service.
- OVO expects the transaction to complete in January 2020. Until then, both companies will continue to operate independently as separate entities and serve their respective customers.
About OVO and SSE
- OVO Energy and SSE are widely-recognised for their award winning customer service.
- OVO was awarded uSwitch Supplier of the Year 2019 – for the fourth time in five years. OVO Energy also ranked highest in six categories overall, including for Best Customer Satisfaction and Best Online Services.
- SSE is currently ranked first in the Citizens Advice domestic energy supplier customer service league table and is uSwitch Large Supplier of the Year 2019 with the highest customer satisfaction score out of the big six suppliers.
- OVO serves 1.5m household customers and SSE Energy Services serves 3.5m. Together they will serve almost 5m customers.
- OVO recently announced its bold new vision and strategic direction for the next ten years – Plan Zero.
- Plan Zero sets out how OVO will transform its business, operations and impact to reducing greenhouse gas emissions.
- The Plan commits to mobilising all customers to eliminate their household emissions and halve their total carbon footprint by 2030.
- The company will hold itself accountable to science-based targets aligned to a 1.5°C increase in global temperatures with remuneration linked to carbon targets.
- SSE has set fundamental goals for 2030, linked to the UN’s global goals for sustainable development. It has a long heritage of championing renewable energy and was the first to bring hydro-electric power to Scotland over 70 years ago.
- OVO Energy was awarded the World’s Best Energy Brand at CHARGE 2016