Competition authority clears E.ON's acquisition of UK peer OVO Energy

(Alliance News) - The UK competition watchdog on Thursday said it had cleared the acquisition of OVO Energy Ltd by E.ON SE.

The Competition & Markets Authority had launched an inquiry into the proposed deal on September 2, after issuing an invitation to comment in July.

The CMA has decided not to refer to the case for more in-depth investigation.

Essen, Germany-based energy firm E.ON in May revealed a deal to acquire its UK-based peer, which it said would add around 4 million customers in the UK, in addition to the 5.6 million customers it already supplies.

The terms of the transaction were undisclosed, though the Financial Times reported that the value could be around GBP600 million.

The merger will create the UK's largest electricity supplier, noted the PA news agency.

"The UK is an important growth market for E.ON, particularly for flexibility and customer-focused energy solutions," commented E.ON Chief Operating Officer Commercial Marc Spieker.

E.ON shares were down 1.1% to EUR16.62 each for a market capitalisation of EUR44.16 billion on Thursday morning in Frankfurt.

By Holly Munks, Alliance News reporter

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