Wed, 15 Jan 2020 | DIVISION SALE
Power utility SSE has announced it has completed the sale of its retail arm SSE Energy Services to OVO Energy for £500 million.
SSE will use the proceeds of £400 million cash plus a £100 million loan note to trim its debt. The loan note, to be issued by an OVO member, will be due in 2029 and has a 13.25 per cent annual interest rate.
All of Perth, Scotland-based SSE Energy Services’ 8,000 staff will transfer to OVO in the deal, which will also see OVO operate the SSE brand under license for a period to ensure a steady transition.
The deal, announced last September, follows SSE’s original plan to merge the business with Npower. That deal was abandoned in December 2018, despite regulatory approval, after the government introduced the energy price cap.
Following the deal’s completion, SSE is free to concentrate its business on renewable energy and electricity networks, while OVO further consolidates its position as a major presence in the energy industry.
Commenting on the sale, SSE Chief Executive Alistair Phillips-Davies said: “The sale is in line with our clear strategy, centred on developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core.”
“SSE enters the new decade as a more focused group, even better positioned to lead the low carbon transformation required to achieve the UK's vital net zero commitment in the years to come.”
The company provides labour for various aviation settings, including hangar work, aircraft towing and medical exams, alongside a range of training courses, such as airside driving and first aid. Operates with 30 active clients, 90% of whom provide re...
A renewable energy solution specialist available for sale, the company was established in 2020 and boasts a stellar reputation and customer base.
The company is an independent tyre centre offering a comprehensive supply and fitting service for cars, light commercial vehicles, caravans and trailers. Other services cover puncture repairs, pressure adjustments, wheel balancing and alignment, and...
24
|
Apr
|
Middlesbrough metal recycling firm acquired from administration | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Mi...
24
|
Apr
|
Automotive parts supplier secures PE backing | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replac...
24
|
Apr
|
Kitchen firm expands construction sector offering with new acquisition | BUSINESS SALE
Nolte Kitchens UK has completed the acquisition of contracts...
07
|
Mar
|
Nottingham insurance broker expands with Leicester acquisition | BUSINESS SALE
Russell Scanlan, an insurance broker headquartered in Nottin...
08
|
Feb
|
BGF-backed asbestos firm completes second buy-and-build acquisition | BUSINESS SALE
Environmental Essentials, an asbestos service provider backe...
28
|
Sep
|
Accountancy group expands services with acquisition | BUSINESS SALE
Accountancy and tax advisory firm TC Group has acquired Esse...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.