PRESS: E.ON and Ovo Energy ramp up talks on possible tie-up

E.ON SE is advancing plans for a merger with UK-based peer Ovo Energy, Sky News reported on Saturday.

Citing ‘industry sources’, Sky said the two energy companies have been accelerating their discussions, with the goal of completing a combination, in recent weeks.

‘The structure of a deal was unclear on Saturday, and several people close to the process said that while a transaction was close, it was not yet certain to be struck,’ Sky added.

It also noted that besides E.ON, EDF Energy and Telecom Plus PLC, which trades as Utility Warehouse, have also expressed interest in a deal with Bristol, England-based Ovo. As of Saturday, however, Sky said it was unclear whether other parties remained interested.

Sky added, citing data from the two companies, that between Essen, Germany-based E.ON’s approximately 5.7 million customers, and Ovo’s roughly four million, the two firms combining would give the enlarged company a bigger customer base than Octopus Energy’s over eight million.

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