United Kingdom–based energy company SSE is in talks to sell its energy retail arm, SSE Energy Services, to OVO Group, the largest independent energy supplier in Britain, according to several media sources.
The sale follows SSE’s failure to reach a deal with the company’s competitor npower in December, reported The Guardian.
SSE confirmed in a statement that it is actively progressing a number of options for the future of its energy arm.
“These discussions are continuing; however, no final decisions have been taken and no agreements regarding the terms of any transaction have been entered into,” according to SSE.
Financial terms of the talks have not yet been officially disclosed; however, the two companies have reportedly been in talks for months about a deal that would cost OVO “several hundred million pounds,” according to Sky News.
SSE Energy Services services 5.7 million households in Britain.
