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Shares in FTSE 100 firm SSE (LON:SSE) climbed 1.80% to 1,187p (as of 15:35 BST) after it agreed to sell its SSE Energy Services business to OVO at an enterprise value of £500 million. The consideration consists of £400 million in cash and £100 million in loan notes.
CEO Alistair Phillips-Davies commented: “We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders – and this is an excellent opportunity to make that happen. OVO shares our relentless focus on customer service and has a bold vision for how technology can reshape the future of the industry. I’m confident that this is the best outcome for the SSE Energy Services business.
“Following the transaction, SSE will be able to give an even greater focus to delivering the low carbon infrastructure needed to help the UK reach net zero emissions. We have a clear strategy around developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core. With a large and growing renewable energy pipeline and a leading position in the electricity networks needed to deliver low-carbon energy reliably to homes and businesses in an increasingly electrified economy, we are well placed to create value from the low-carbon transition”.
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