EON Set to Acquire Ovo to Create UK Energy Supply Giant

EON SE announced it would acquire Ovo Energy Ltd, potentially creating one of the largest energy providers in the UK, according to a statement.

Ovo has been struggling to meet tougher financial-resilience rules imposed by the energy regulator Ofgem, which require suppliers to hold minimum capital buffers to handle market shocks like the 2022 energy crisis. It had been seeking investors to bolster its finances.