Energy company E.On has announced a deal to acquire competitor Ovo, forming one of the largest energy suppliers in the UK. This move signifies a substantial investment by E.On Group in the UK market, aiming to enhance consumer energy flexibility, reduce bills, and reshape the energy landscape to focus on people.
The acquisition of Ovo will bring an additional four million customers to E.On, complementing its current customer base of 5.6 million in the UK. The combined entity is set to serve approximately 9.6 million customers, overtaking the current leading supplier, Octopus.
The transaction is scheduled to be finalized in the latter half of 2026, pending regulatory approval. Marc Spieker, E.On’s Chief Operating Officer Commercial, emphasized the importance of the UK market for E.On, especially in offering flexible and customer-centric energy solutions.
E.On’s strategic goal with the Ovo acquisition is to strengthen its retail business and solidify its position as a trusted partner for customers. The companies did not disclose the deal’s financial details, but reports suggest it could be valued at around £600 million. Customer tariffs will remain unaffected during the regulatory review process, ensuring continuity of service.
The takeover is subject to regulatory scrutiny, including evaluation by the UK competition watchdog, with an expected completion date in the second half of 2026. Ovo’s founder, Stephen Fitzpatrick, highlighted the increasing regulation and capital intensity in the energy retail sector, expressing that joining forces with E.On aligns with the long-term commitment to decarbonization.
E.On UK’s Chief Executive, Chris Norbury, emphasized the shift towards a customer-focused energy system, leveraging technologies like solar, batteries, and electric vehicles to create a more inclusive and efficient energy landscape. The companies aim to empower customers through energy flexibility, making new energy solutions accessible and affordable for all.
The collaboration between E.On and Ovo is driven by a shared vision of innovation and sustainability in the energy sector. By combining their strengths, the companies aim to pioneer a customer-led energy system that is digital, flexible, and sustainable.
