OVO Energy to Acquire SSE Energy Services in a Landmark Transaction
The UK’s leading independent energy supplier OVO Energy has 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190912005985/en/
Stephen Fitzpatrick, CEO and Founder of OVO (Photo: Business Wire)
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.
Stephen Fitzpatrick, CEO and Founder of OVO said:
“This transaction marks a significant moment for the energy industry. Advances in technology, the falling cost of renewable energy and battery storage, the explosion of data and the urgent need to decarbonise are completely transforming the global energy system.
“For the past three years OVO has been investing heavily in scalable operating platforms, smart data capabilities and connected home services, ensuring we’re well positioned to grow and take advantage of new opportunities in a changing market.
SSE and OVO are a great fit. They share our values on sustainability and serving customers. They’ve built an excellent team that I’m really looking forward to working with.”
Alistair Phillips-Davies, CEO of SSE, said:
“We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders – and this is an excellent opportunity to make that happen. OVO shares our relentless focus on customer service and has a bold vision for how technology can reshape the future of the industry. I’m confident that this is the best outcome for the SSE Energy Services business.”
CEO Stephen Fitzpatrick founded OVO in 2009 to transform the energy market with cheaper, greener and simpler energy. Thanks to a focus on customer service and the development of new, clean energy technologies, the company has grown since then to become the largest UK independent energy supplier, now serving 1.5 million customers. In the last year, OVO has increased its UK customer base by 50% and opening operations in France and Spain. OVO has plans to open in Australia, Germany and Italy next year.
Earlier this year, OVO has secured a significant strategic investment from Mitsubishi Corporation. This has allowed OVO to invest even further in the technology required to help us transition to a zero-carbon future. For example, OVO has launched the world’s first domestic vehicle-to-grid charger, it is developing the software required to integrate millions of electric vehicles onto the grid, and it is investing in dynamic battery storage to allow homes to sell energy back to the grid.
The deal is subject to regulatory approvals which we expect will take a number of months. For the time being, both companies will continue to operate independently as separate entities and serve their respective customers.
If this transaction goes ahead, the leadership teams from both companies will be working together to plan carefully how SSE is brought into the OVO family and onto its systems and platforms. OVO has negotiated rights to use the SSE master brand under licence for a transitional period, and acquired regional brands as part of this transaction and intends to maintain them for the immediate future.
Please find an image bank link HERE, and a link to OVO’s blog on this news HERE.
Notes to editors
● 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.
● SSE Energy Services serves 3.5m household customers in GB.
● OVO Energy was the first mainstream energy company to ensure no coal or nuclear in its fuel mix. It guarantees at least 33% renewable energy on standard tariffs. OVO Energy’s greener tariff is 100% renewable. OVO has planted 728,000 trees on behalf of customers
● 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 has a track record of developing smart technology. Kaluza is an intelligent grid technology company leading the digital transformation of the electricity system. It supplies software and hardware solutions as well as in-home installation services. It has partnered with EV specialist Indra to help develop and manufacture its V2G Charger and EV Smart Charger.
● OVO Energy was awarded the World's Best Energy Brand at CHARGE 2016.
● Barclays Capital and Greentech Capital Advisors acted as financial advisors to OVO.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190912005985/en/
Contact information
Milltown Partners
Christian Seiersen
media@ovoenergy.com or 0203 697 6375
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Germany’s Largest Public Insurer Versicherungskammer Selects Clearwater Analytics for Scalable Investment Operations2.7.2025 10:00:00 EEST | Press release
Clearwater Analytics (NYSE: CWAN), the most comprehensive technology platform for investment management, today announced that Versicherungskammer Group has selected Clearwater Analytics’ platform to power their middle, back office and risk functions. This decision is based on a comprehensive operating model review that began in 2024, followed by a structured selection process to identify a strategic partner. The rigorous assessment underscored the need for change, as market developments and demographic shifts demanded more agility, transparency, and efficiency. By adopting Clearwater’s modern, cloud-based platform, Versicherungskammer will gain real-time, advanced data analytics to strengthen investment decision-making and drive improved performance. This will allow Versicherungskammer to focus on its core competencies in capital investment in the future. “Partnering with Clearwater marks an important shift in our investment operations strategy and is central to our goal of future-proo
Ant International Launches Alipay+ Voyager, a Built-in End-to-End AI Travel Companion for Digital Wallet and Super App Users2.7.2025 09:12:00 EEST | Press release
With launch partners including Agoda, Fliggy and Trip.com, Ant International introduces Alipay+ Voyager, an AI travel companion integrated into digital wallets for the travel industry to simplify and enhance travel experiences for global consumers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701160496/en/ A sample user interface of Alipay+ Voyager, which users can access via digital wallets Alipay+ Voyager combines Ant International's agentic AI capabilities with the galaxy of cross-border travel services offered by OTA partners and 100 million global merchants in Alipay+'s partner ecosystem. Through its one single AI interface embedded in e-wallets and super apps, Alipay+ Voyager assists travellers, via text or voice in their local language, to complete itinerary planning, booking, and purchasing in-destination merchant offerings with a seamless flow. Alipay+ Voyager is first launched on three of Asia’s biggest mobile
Access Advance Welcomes Global Technology Leaders as Licensees and Licensors to New Video Distribution Patent Pool2.7.2025 03:00:00 EEST | Press release
Access Advance LLC ("Advance") today announced the inaugural roster of licensees and licensors for its Video Distribution Patent ("VDP") Pool, marking a significant milestone in the program's rapid market adoption since its January announcement. The participation of major global companies heavily involved in video codec technology demonstrates strong industry support for the comprehensive licensing solution covering HEVC, VVC, VP9, and AV1 codecs. The VDP Pool has successfully attracted a group of licensees/licensors including ByteDance, Kuaishou, NTT Docomo, and Tencent. This represents the beginning of what Access Advance expects to be widespread adoption among content streaming providers seeking simplified codec licensing. The licensees’ participation provides immediate access to the wide-ranging patent portfolio while benefiting from the fixed tiered pricing structure designed to scale with business size. "We're pleased to welcome ByteDance, Kuaishou, NTT Docomo and Tencent as our
Intralot S.A. to Acquire Bally’s International Interactive Business in a Transaction that Creates a Global Gaming Technology and Services Company in Lottery and Digital Online Gaming Markets1.7.2025 22:10:00 EEST | Press release
Intralot S.A. (ATSE: INLOT) (“Intralot”) and Bally’s Corporation (NYSE: BALY) (“Bally’s”) today announced that their respective Boards of Directors approved their entry into a definitive transaction agreement (“Transaction Agreement”) pursuant to which Intralot will acquire Bally’s International Interactive business (the “International Interactive Business”) in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of €2.7 billion (the “Transaction”). The consideration for the acquisition of the International Interactive Business will comprise a combination of cash paid by Intralot and newly issued shares delivered by Intralot to Bally’s, as more specifically detailed below. As part of the Transaction, Intralot expects to refinance part of its existing debt facilities and Bally’s also expects to repay secured debt from the cash proceeds. The Transaction consideration to Bally’s, after assumptions of certain liabilities by the involved pa
Valeo Foods Group Acquires Melegatti Cakes Expanding the Italian Bakery Portfolio1.7.2025 19:21:00 EEST | Press release
Valeo Foods Group, one of Europe’s leading producers of quality sweets, treats and snacks, has successfully acquired the assets of an Italian panettone, pandoro and croissant producer, Melegatti 1894 S.p.A.This acquisition is another step forward in Valeo Foods Groups’ strategy to expand its baked sweet treats portfolio, and reinforces Valeo’s commitment to bringing authentic Italian confections and established regional brands to a wider international audience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702677156/en/ Melegatti Founded in 1894 in Verona, Melegatti has a strong reputation for artisanal cakes - particularly pandoro, panettone and filled croissants - traditional recipes, and a rich Italian heritage, Melegatti has a proud legacy founded on family values, craftsmanship, and a passion for quality. “We are excited to welcome Melegatti into the Valeo Foods Group,” said Ronald Kers, Group CEO. “This acquisition
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom