SSE has completed its sale of the firm’s British retail arm to OVO Energy for £500m.
OVO Energy has purchased SSE’s retail unit for £500m, making it one of the biggest energy suppliers in the UK, with over five million customers.
The sale of SSE’s household energy unit has been approved by the Competition and Markets Authority (CMA) and will see OVO Energy takeover around 3.5m customer contracts, on top of its current customer base of 1.5m.
OVO released a statement in regards to the purchase, claiming it will enable “millions more customers to decarbonise their homes, while keeping costs down”.
Initially, OVO will be under license to operate under the SSE brand to allow for a managed migration of customers, while ensuring a high standard of service.
The CEO and Founder of, Stephen Fitzpatrick, said: “We have an integration plan that leaders from both companies have collaborated on since September. There is a lot of work to do to bring the two businesses together but we have a really strong combination of great talent, technology and customer-centricity that will enable us to succeed.”
“SSE’s history of excellence at scale combined with OVO’s innovative technology and our Plan Zero commitments mean that together, as one team, we can bring millions more people with us on our journey towards zero carbon living.”
SSE will continue to supply energy to UK businesses, as well as household & business consumers in Ireland and Northern Ireland.
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