E.On to buy Ovo, creating UK's largest electricity provider
The UK Competition and Markets Authority said it will not refer E.On's proposed purchase of rival supplier Ovo for a second phase investigation, effectively allowing the German utility's planned acquisition to proceed. E.On agreed to buy Ovo in May and expects the transaction to complete before year end, which would combine Ovo's four million users with E.On's 5.6 million customers and make it Britain's largest electricity provider. Ovo had launched a strategic review after accounts warned of material uncertainty and cited tougher financial resilience expectations, while E.On highlighted the deal's role in expanding flexibility and electrification services.
E.On will add Ovo's four million customers to its 5.6 million base.
Context
E.On agreed to buy Ovo in May. The CMA reviewed whether the deal would reduce competition…
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- Economic IndicatorConsolidation driven by tougher…Locked
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