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E.ON to Acquire Peer OVO in UK Energy Supply Shake-Up
The combined business will serve about 9.6 million customers, while the takeover faces UK regulatory review and is expected to close in late 2026.
- On Monday, German firm EONGn announced plans to acquire rival Ovo Energy, creating Britain's largest energy supplier serving about 9.6 million customers and surpassing current market leader Octopus.
- Stephen Fitzpatrick, founder of Ovo, said "Energy retail is now more regulated, more capital intensive and increasingly dependent on long-term investment and scale," driving consolidation.
- Previous reports estimated the deal at £600 million, though firms did not disclose the price. Ovo also agreed to sell its home services division to Hometree.
- The takeover faces scrutiny from the Competition and Markets Authority, with completion expected in the second half of 2026. Both firms confirmed tariffs will be "honoured in full" during review.
- Marc Spieker, EONGn chief operating officer, stated the acquisition "strengthens our retail business and underlines our commitment to be the trusted partner of choice for our customers" in the United Kingdom.
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Total News Sources21
Leaning Left4Leaning Right5Center6Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 27%
C 40%
R 33%
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