UK Regulator Clears SSE Energy Services Sale to Ovo Group
December 10 2019 - 03:06AM
Dow Jones News
By Ian Walker
The U.K. Competition and Markets Authority said Tuesday that it
won't refer the sale of SSE PLC's (SSE.LN) energy-services business
to Ovo Group Ltd. for further review.
The regulator said in October that it was considering whether
the deal, if completed, would lessen competition within the U.K.
for goods or services.
It said Tuesday the investigation has completed and it has now
cleared the deal.
SSE said that it welcomed the CMA's approval and that it can now
make final preparations to complete the sale which is expected
mid-January.
"Completion of the transaction will give SSE plc even sharper
focus to delivering the low carbon infrastructure needed to help
the U.K. reach net zero emissions," Chief Executive Alistair
Phillips-Davies said.
SSE said on Sept. 6 that it was selling the energy-services
business to Ovo Group for 500 million pounds ($658 million). At the
time SSE said it expected to complete the deal either late 2019 or
early 2020, subject to necessary regulatory approvals.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 10, 2019 02:51 ET (07:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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