E.ON has signed an agreement to acquire the UK energy supplier OVO, growing on its approximate 5.6 million customers in the UK.
With OVO, around a further four million customers are expected to be added, with the E.ON stating this “customer base in a highly developed and dynamic market environment enables E.ON to develop innovative energy solutions and scale them across Europe”.
The planned transaction is focused on the continued expansion of a customer‑centric and increasingly digital energy business, it added.
With around seven million smart meters installed, E.ON and OVO together connect more than 60% of their customers in the UK in a fully digital manner.
The digitalization provides a “strong foundation for further innovation in electricity, heating and e‑mobility. E.ON plans to bring innovations to Germany and continental Europe to make intelligent energy solutions available to customers across Europe on a large scale”, it said.
It also said there was a focus on flexibility solutions which “enables customers to play an active role in the energy transition while significantly reducing their energy costs”, it added.
The parties said they had agreed not to disclose the purchase price, with the planned acquisition subject to regulatory approvals, especially by the UK regulatory authorities, including the Competition and Markets Authority (CMA). Closing of the transaction is expected in the second half of 2026.
Until regulatory clearance has been obtained and closing has been reached, E.ON Next and OVO will continue to operate as legally and operationally independent companies.
Marc Spieker, Chief Operating Officer Commercial at E.ON, said:
“The United Kingdom is an important growth market for E.ON, particularly for flexibility and customer‑focused energy solutions.
“The planned acquisition of OVO strengthens our retail business and underlines our commitment to be the trusted partner of choice for our customers. Energy flexibility and electrification are becoming increasingly important and are critical to the success of the energy transition.
“At E.ON, we are passionate about developing solutions that enable customers across Europe to play an active role in making our energy systems both, reliable and affordable.”
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