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Agreement to sell SSE Energy Services to OVO signed

Christian Fernsby |
SSE plc has entered into an agreement to sell its SSE Energy Services business to OVO Energy Limited, a wholly owned subsidiary of OVO Group Limited, at an enterprise value of £500m comprising £400m cash and £100m in loan notes.

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Topics: SSE    ENERGY    OVO   

Completion of the Transaction is expected in late 2019 or early 2020 and is subject to the necessary regulatory approvals.

On completion, the net cash proceeds of this transaction will be used to reduce SSE’s net debt. See Transaction Details below.

In the event of successful completion SSE will do all it can to ensure a smooth transition for customers and employees. In the meantime, SSE Energy Services remains focused on the important work of delivering its sector-leading service for its customers – for whom nothing changes in the short term.

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