UK's Telecom Plus eyes acquisition of Ovo's retail energy unit, FT reports (updated)
05/12/2025 15:53
Adds details from the report Dec 5 (Reuters) - Utility group Telecom Plus Plc TEP.L is in talks to acquire the retail energy business of UK energy supplier Ovo, the Financial Times reported on Friday, citing people familiar with the matter. The business could be worth more than 400 million pounds ($533.88 million), the report added. Ovo declined to comment, while Telecom Plus, which owns and operates Utility Warehouse, did not immediately respond to a Reuters request. According to the report, Ovo is evaluating multiple proposals it has received for the unit, alongside a separate plan from its founder, Stephen Fitzpatrick, to inject 200 million pounds into the business. Ovo Energy is one of the largest energy suppliers in Britain and provides gas and electricity to about 4.5 million customers. ($1 = 0.7492 pounds) (Reporting by Shanima A and Rishab Shaju in Bengaluru; Editing by Vijay Kishore) ((shanima.a@thomsonreuters.com; (Direct: +91 72 5956 7774);))