finance
E.On Agrees to Buy Ovo Energy in Deal That Would Create UK's Second-Largest Domestic Supplier
E.On has announced plans to acquire Ovo Energy, a move that would combine 9.6 million customers and position the merged entity as one of the UK's biggest energy providers. Consumer groups urged Ovo customers not to panic, confirming that all existing tariffs will be honoured and services will remain unaffected during regulatory review.
May 11, 11:39 AM·2m read1 source
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On announced plans to buy Ovo Energy in a deal set to create one of Britain's largest energy suppliers. 6 million customers, is acquiring the Bristol-based supplier that serves four million. If the takeover receives approval, which could come later this year, the combined business would vie with Octopus for the top position in the domestic market.
On and Ovo would be bigger than Octopus. On and Ovo. On-Ovo deal has not been disclosed, though previous reports estimated it could be worth as much as £600m.
On and Ovo will continue to operate separately before any decision on a deal being approved. The takeover will be checked by regulators before any approval is granted. On and Ovo said there would be no change for customers while regulators reviewed the deal.
On and Ovo said that tariffs such as fixed deals would be honoured for the duration of the contract. On-Ovo deal. On takeover.
BBC News reported that consumer groups have urged customers of energy supplier Ovo not to panic. On have assured customers that existing tariffs will be honoured in full and service will continue unchanged. Emily Seymour said Ovo customers don't need to do anything and are still able to switch supplier if they wish.
Sabrina Hoque said that Ovo customers might be nervous. On.
He added that energy flexibility and electrification are becoming increasingly important and are critical to the success of the energy transition. On, we are passionate about developing solutions that enable customers across Europe to play an active role in making our energy systems both reliable and affordable," he said.
