M&A Deal Summary

OVO Energy Acquires SSE - SSE Energy Services Business

On September 13, 2019, OVO Energy acquired utilities company SSE - SSE Energy Services Business from SSE for 500M GBP

Acquisition Highlights
  • This is OVO Energy’s 2nd transaction in the Utilities sector.
  • This is OVO Energy’s 0th largest (disclosed) transaction.
  • This is OVO Energy’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2019-09-13
Target SSE - SSE Energy Services Business
Sector Utilities
Buyer(s) OVO Energy
Sellers(s) SSE
Deal Type Divestiture
Deal Value 500M GBP

Target

SSE - SSE Energy Services Business

Perth, United Kingdom
SSE plc - SSE Energy Services Business engages in the supply of electricity and gas and in other energy-related services such as electrical contracting to business and household customers. SSE Energy Services supplies electricity and gas to around 6 million household and business accounts under the brands SSE, SSE Scottish Hydro, SSE Southern Electric, and SSE SWALEC.

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Buyer(S) 1

Buyer

OVO Energy

Bristol, United Kingdom

website

Category Company
Founded 2009
Sector Utilities
Employees900
DESCRIPTION

Ovo is one of the UK’s major independent suppliers of domestic energy. Founded in 2009, it competes as a fast growth challenger to the “Big Six” UK domestic energy suppliers. Technology leadership is central to Ovo’s service proposition, enabling it to provide its customers with high levels of service at a lower cost-to-serve versus many other suppliers. It also benefits from a strong and trusted brand.

DEAL STATS #
Overall 3 of 3
Sector (Utilities) 2 of 2
Type (Divestiture) 1 of 1
Country (United Kingdom) 2 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-12 Corgi HomePlan

Dunfermline, United Kingdom

Corgi HomePlan Ltd. is a UK based provider of home maintenance insurance plans to homeowners. All plans incorporate heating, plumbing and electrics as standard, along with an annual boiler service.

Buy -

Seller(S) 1

SELLER

SSE

Perth, United Kingdom

website

Category Company
Founded 1989
Sector Energy Services and Equipment
Employees10,152
Revenue 8.6B GBP (2022)
DESCRIPTION

SSE is an energy company, and the broadest-based energy company in the UK and Ireland. It operates across the energy value chain in the GB energy market, and generates and supplies energy to electricity and gas customers in Northern Ireland and the Republic of Ireland. SSE was founded in 1989 and is based in Perth, the United Kingdom.

DEAL STATS #
Overall 1 of 2
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 2
Country (United Kingdom) 1 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-31 The Energy Solutions Group

Altrincham, United Kingdom

The Energy Solutions Group Ltd. is an independent building energy management solutions (BEMS) provider.

Buy £66M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 SSE Contracting

Aberdeenshire, United Kingdom

SSE Contracting is a Mechanical and Electrical contractor providing mechanical, electrical, rail, street lighting, and high voltage engineering services to install and maintain key infrastructure. SSE Contracting is based in Aberdeenshire, United Kingdom.

Sell £28M
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