Germany's E.ON to buy OVO for undisclosed sum

(Sharecast News) - Germany's E.ON said on Monday that it has agreed to buy UK rival OVO for an undisclosed sum.

E.ON, which already supplies around 5.6m customers in the UK, said the acquisition further strengthens its position in one of Europe's largest energy markets.

With OVO, around a further 4m customers are expected to be added. "This customer base in a highly developed and dynamic market environment enables E.ON to develop innovative energy solutions and scale them across Europe," it said.

E.ON chief operating officer Marc Spieker said: "The United Kingdom is an important growth market for E.ON, particularly for flexibility and customer‑focused energy solutions.

"The planned acquisition of OVO strengthens our retail business and underlines our commitment to be the trusted partner of choice for our customers. Energy flexibility and electrification are becoming increasingly important and are critical to the success of the energy transition. At E.ON, we are passionate about developing solutions that enable customers across Europe to play an active role in making our energy systems both, reliable and affordable."

The deal is expected to close in the second half of this year.