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.”
For sale a lucrative portfolio of residential care homes conveniently clustered in the Northwest of England, offering residential and dementia care.
A profitable care home with nursing located in an East Midlands town. Well-presented and extended accommodation with 57% of the ground floor bedrooms being ensuite.
An established care home with nursing which is rated good overall by the CQC. Continuously trading at high occupancy levels, the highly profitable management run home has an excellent reputation.
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
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...
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.