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MarketScreener Homepage  >  Equities  >  Xetra  >  Innogy SE    IGY   DE000A2AADD2

INNOGY SE

(IGY)
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SSE confirms it is in talks with OVO to sell energy retail business

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08/10/2019 | 07:14pm EDT
FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

LONDON (Reuters) - British energy supplier SSE said on Saturday it was in talks with OVO Group about the sale of its energy retail arm which serves 5.7 million households in Britain.

"These discussions are continuing, however no final decisions have been taken and no agreements regarding the terms of any transaction have been entered into," SSE said in a statement, which did not give financial details from the talks.

"The board remains focussed on securing the best long-term future for the business, its customers and employees, and for shareholders."

OVO is already the largest independent energy supplier in Britain with more than 1.5 million customers.

The talks were first reported by Sky News, which said SSE and OVO have been in discussions for months about a deal that was likely to cost OVO "several hundred million pounds".

Earlier this year, Sky News reported that SSE had approached companies including broadband provider TalkTalk Telecom Group about a deal to shed its retail arm. In December, SSE and energy group Innogy SE scrapped plans to merge their British retail operations after the industry regulator proposed a cap on consumer bills, leaving them looking for other consolidation options.

(Reporting by Michael Holden in London and Kanishka Singh in Bengaluru; editing by Jonathan Oatis)

Stocks mentioned in the article
ChangeLast1st jan.
BEST INC. 4.56% 4.59 Delayed Quote.-21.04%
BYD COMPANY LIMITED 4.35% 77.9 End-of-day quote.100.51%
E.ON SE -1.20% 9.964 Delayed Quote.4.62%
INNOGY SE 0.00%End-of-day quote.-2.24%
JUST GROUP PLC 1.03% 45 Delayed Quote.-43.04%
SSE PLC 0.76% 1320 Delayed Quote.-8.38%
TALKTALK TELECOM GROUP PLC 5.42% 73.85 Delayed Quote.-36.39%
WILL GROUP, INC. 4.06% 564 End-of-day quote.-54.95%
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Sales 2020 38 343 M 45 311 M 45 311 M
Net income 2020 926 M 1 094 M 1 094 M
Net Debt 2020 - - -
P/E ratio 2020 27,0x
Yield 2020 3,22%
Capitalization 24 222 M 28 510 M 28 624 M
Capi. / Sales 2020 0,63x
EV / Sales 2021 1,27x
Nbr of Employees 34 523
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Leonhard Birnbaum Chief Executive Officer
Johannes Teyssen Chairman-Supervisory Board
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