SSE to sell energy services unit to OVO Energy in 500 million pound deal

13/09/2019 11:16 Energy

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SSE Plc (SSE.L), one of Britain’s big six energy suppliers, said it had agreed to sell its energy services unit to OVO Group for 500 million pounds ($617.6 million), including debt, as it looks to focus on renewable energy and electricity networks.
 

Proceeds from the sale, which involves 400 million pounds in cash and 100 million pounds in loan notes, will be used to reduce SSE’s net debt, the company said on Friday.

 

“We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders,” Chief Executive Officer Alistair Phillips-Davies said in a statement.


“SSE will be able to give an even greater focus to delivering the low carbon infrastructure needed to help the UK reach net zero emissions.”

 

The deal is expected to be completed in late 2019 or early 2020, subject to regulatory approvals. All of SSE Energy’s about 8,000 employees will transfer to OVO, SSE said.

 

The deal comes after SSE kicked off the process to sell its 140 million cubic feet per day portfolio of North Sea gas fields in a single package, a sale document seen by Reuters showed last month.

Source: uk.reuters.com

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