E.ON agrees deal for UK energy supplier OVO
German energy firm E.On has agreed to buy rival Ovo in a deal which would create Britain's largest supplier.
www.rte.ieHere’s the latest I can share based on recent reports:
- E.ON has announced an agreement to acquire Ovo Energy, which would create one of the UK’s largest energy suppliers if regulatory approvals are granted. The deal is expected to close in the second half of 2026, subject to CMA and other regulatory clearances. [sources: The Guardian, Bloomberg, RTÉ][1][2][3]
- The combined group would serve roughly 9.6 million customers, potentially surpassing current leaders like Octopus, and would involve Ovo’s Home Services division being sold to Hometree as part of the package. Tariffs are expected to be honored during the regulatory review period. [The Guardian][RTÉ][Bloomberg][3][7][1]
- The deal value has not been officially disclosed in all communications, but press coverage has cited figures around £600 million in some reports. Ovo’s capital resilience issues and its need for investment were central to the rationale for the acquisition. [The Guardian][Independent][Bloomberg][2][9][1]
Illustration of the deal trajectory:
- April–May 2026: Public announcements of the planned acquisition and indicative terms, with regulatory approvals as the key bottleneck.
- Mid-to-late 2026: CMA review and final clearance, with E.ON Next and Ovo continuing to operate separately until closing.
- Post-closing: Integration efforts, potential rebranding decisions, and ongoing tariff commitments for customers.
If you’d like, I can summarize the key regulatory considerations, or set up a quick comparison of what customers might notice pre- and post-close (tariffs, service levels, and account management). Also, I can pull the latest official statements or investor-side communications and present a concise timeline.