CMA to look into Ovo acquisition of SSE retail business
The Competition and Markets Authority said on Thursday that it will look into whether Ovo Energy's acquisition of SSE's retail arm will lessen competition.
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Ovo agreed last month to buy SSE's retail business in a £500m deal that would see it become one of the UK's largest energy groups.
The competition watchdog said it would consider whether the deal will result in a "substantial lessening" of competition in the UK energy market. It has invited comments on the transaction from interested parties by 6 November.
When the deal was announced in September, Ovo said the two businesses were "a great fit".
"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," it said.
Between them, SSE's retail arm and Ovo serve almost 5 million households across the UK.