German energy firm E.On has agreed to buy rival Ovo to create one of Britain's largest suppliers, the companies have announced.
Details of the Acquisition
The transaction represents a significant investment by the E.ON Group into the UK market. According to the company, the deal is focused on accelerating consumer energy flexibility, putting control in customers' hands, bringing bills down, and reshaping the energy system around people.
E.On stated that it would take on approximately another four million customers through the Ovo acquisition, adding to its existing 5.6 million customers in the UK. The deal is expected to be completed in the second half of 2026, subject to regulatory approval.
Executive Comments
Marc Spieker, chief operating officer commercial at E.On, 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.”
This is a breaking news story. Further updates will follow as more information becomes available.
