German energy company E.ON has agreed to acquire UK supplier Ovo Energy, in a deal that would create one of the largest gas and electricity providers in the UK, subject to regulatory approval. Multiple outlets report that the combined group would serve about 9.6 million customers, which would make it the biggest domestic supplier in the market, overtaking competitors such as Octopus, which supplies close to 8 million households. The companies have not disclosed the deal’s value, though earlier reporting cited a potential figure of up to £600 million.
The proposal also includes corporate restructuring around Ovo’s non-energy activities. The Independent reports that Ovo agrees to sell its home services division—covering services such as boiler servicing and insurance—to Hometree.
The transaction is described as a further consolidation move in the UK energy market. If approved, the combined company would operate at significantly larger scale than either business on its own, with the customer base expanded through the acquisition.
