Case Studies

OVO’s Acquisition of SSE’s Great Britain Energy Services


  • On September 13, 2019, OVO Energy (“OVO”) has agreed to acquire SSE’s Great Britain household energy and related services business, which includes the customers, operations and employees for energy, telecoms and home services


  • OVO is the U.K.’s largest independent energy technology company and supplier
  • OVO serves 1.5 million customers with intelligent energy services, including retail electric and gas supply, heating insurance, electric vehicle charging and other intelligent energy solutions for consumer and enterprise customers
  • OVO is disrupting the incumbent retail electricity market by bringing innovative software and automation to bear to enhance the customer experience, reduce costs, and enable the integration of intelligent networks of distributed energy assets
  • Founded in 2009 by Stephen Fitzpatrick, OVO is redesigning the energy experience to deliver on their mission of clean affordable energy for everyone


  • SSE Energy Services is the third-largest energy supplier in the U.K., serving ~3.5 million customers
  • In addition to electricity and gas, the business provides telephone, broadband, metering, boiler installation and maintenance services


  • Greentech served as a financial and strategic advisor to OVO and was intimately involved in every aspect of the transaction
  • Greentech assisted OVO with creation of a comprehensive business plan and a complex financial model, as well as coordination of due diligence advisors across financial, tax, commercial, legal and debt financing, to enable decision-making for all stakeholders
  • Greentech conducted insightful quantitative and qualitative analyses on synergies and strategic fit to ensure feasibility of the transaction
  • Greentech combined its expertise in capital formation and M&A execution to provide clients with an integrated scope of strategic advisory focused on long-term value creation. Earlier this year, Greentech supported OVO in its strategic growth investment from Mitsubishi Corporation


  • OVO’s acquisition of SSE Energy Services is a landmark transaction to accelerate the transformation of the U.K. and global energy system
  • The transaction creates the second-biggest electricity provider in the U.K. and a digitally enabled, energy solutions national champion