E.On agrees takeover of Ovo in deal creating Britain's biggest energy supplier - London Business News | Londonlovesbusiness.com

"E.On UK has agreed to buy rival OVO Energy in a major shake-up of the British energy market that will create the country's largest household supplier. The combined business is expected to serve around 9.6 million customers, overtaking Octopus Energy as Britain's biggest energy provider by customer numbers."

"Neither company disclosed the financial details of the transaction, though previous reports suggested the deal could be worth up to £600 million. The takeover is expected to face scrutiny from regulators, including the UK competition authorities, before completion, anticipated in the second half of 2026."

"“Energy retail is now more regulated, more capital-intensive and increasingly dependent on long-term investment and scale,” he said. “In that context, bringing Ovo together with E.On is the right next step for customers, for colleagues, and for the long-term commitment that decarbonisation requires.”"

"Industry analysts said the merger would significantly strengthen E.On's position in the UK market while giving Ovo access to greater financial scale amid mounting pressure on suppliers to invest in infrastructure, customer technology and low-carbon services. Alongside the takeover, Ovo has also agreed to sell its home services division - which includes boiler servicing and insurance operations - to Hometree."

E.On UK has agreed to buy OVO Energy, forming the largest household energy supplier in Britain. The combined company is expected to serve about 9.6 million customers, surpassing Octopus Energy by customer numbers. Financial terms were not disclosed, though earlier reporting suggested the deal could reach up to £600 million. Regulators, including UK competition authorities, are expected to scrutinize the takeover before completion planned for the second half of 2026. The move reflects consolidation driven by market volatility, tighter regulation, and higher investment needs for cleaner energy systems. OVO’s founder said retail energy is now more regulated, more capital-intensive, and dependent on long-term investment and scale. Analysts expect stronger market positioning for E.On and greater financial scale for OVO. OVO will also sell its home services division to Hometree.

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