E.ON has agreed a deal to acquire OVO in a major shake-up of the UK energy market that would create a supplier with almost 10 million customers.
The German energy giant said the takeover would add around four million OVO customers to its existing UK base of 5.6 million accounts, significantly strengthening its position in one of Europe’s biggest retail energy markets.
The deal also gives E.ON greater scale in smart energy systems, electric vehicle charging, heat pumps and flexible tariffs as suppliers race to build more digital energy businesses.
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.”
The companies said the combined business would have around seven million smart meters installed across the UK with more than 60% of customers connected digitally.
E.ON said that scale would allow it to expand new energy products and services across Europe, including smart tariffs, home electrification and flexibility solutions, designed to help customers cut bills by shifting energy use.
The company said demand for those products is growing rapidly as electricity systems become increasingly dependent on renewables and flexible consumption.
A purchase price has not been disclosed.
The transaction still requires approval from UK regulators including the Competition and Markets Authority and is expected to complete in the second half of 2026.
Until then E.ON Next and OVO will continue to operate separately.
The acquisition marks one of the biggest UK energy retail deals in recent years and further consolidates a market reshaped by the energy crisis, supplier failures and the accelerating push towards electrification.
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