24th Oct 2019 08:21
(Alliance News) - The UK competition watchdog wants to know whether or not the sale of SSE PLC's Energy Services business could lessen competition, it said Thursday.
The Competition & Markets Authority has invited comments on the SSE retail arm's purchase by Ovo Energy, with a deadline of November 6.
SSE announced the sale of Energy Services in mid-September, with Ovo paying GBP400 million in cash and GBP100 million of loan notes. Energy Services provides energy to UK householders, under brands such as SSE, SSE Scottish Hydro, SSE Southern Electric, and SSE Swalec.
Ovo had been named by SSE as a potential buyer in August. Ovo's purchase will make it one of the largest energy suppliers in the UK, just a decade after its founding.
SSE shares were 0.3% lower in early trade on Thursday in London at a price of 1,326.00 pence each.
By George Collard; [email protected]
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