OVO Energy completes purchase of SSE to become the UK’s second largest energy supplier

OVO has acquired SSE’s smart technology and 8000 staff for £500 million, which it hopes will help it accelerate their plans to bring clean and affordable energy to more British households.

“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,” said Stephen Fitzpatrick, CEO and founder of OVO.

Alistair Phillips-Davies, CEO of SSE said: “We are very pleased to have completed this transaction, which we firmly believe is the best outcome for the business, its customers and its employees.The sale is in line with our clear strategy, centred on developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core. SSE enters the new decade as a more focused group, even better positioned to lead the low carbon transformation required to achieve the UK’s vital net zero commitment in the years to come.”

SSE has struggled in recent years, suffering a loss of profit of £284.6 million in 2018.

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