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CMA to investigate Ovo-SSE deal
24 Oct 2019
The Competition and Markets Authority (CMA) is to investigate Ovo Energy’s £500m deal to acquire SSE’s retail business.
Calum Fuller
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
Calum FullerEditor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
The acquisition would make Ovo the UK’s second-largest energy provider with approximately five million customers.
The CMA said it would examine whether the deal could result “in a substantial lessening of competition” within the energy market.
Ovo is already the UK’s largest independent energy supplier, with 1.5 million customers and around 2,000 employees. Under the deal, it will take on SSE’s 3.5 million customers and 8,000 staff, making it second only to British Gas.
The deal comprises £400m cash and £100m in loan notes and is expected to complete in late 2019 or early 2020.
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