German energy giant E.ON has agreed a deal to buy rival supplier OVO. If the takeover is approved, E.ON will become the UK's largest energy supplier, overtaking Octopus Energy. The proposed deal will see OVO's 4 million UK customers move to E.ON, joining its existing 5.6 million customers, meaning the combined business will serve almost 10 million households across the country.
Chief Operating Officer at E.ON, Marc Spieker, 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".
While the financial details have not been officially disclosed, industry reports suggest the deal could be worth around £600 million.
What does the takeover mean for OVO and E.ON customers?
If you are an existing customer of either OVO or E.ON, there is no need to panic. The companies have confirmed that there will be no immediate changes to your services or how you pay your bills.
Important information for E.ON and OVO customers:
- No immediate changes - Both suppliers will continue to operate independently until the deal is officially approved.
- Tariffs will be honoured - E.ON has stated that all existing tariffs for both OVO and E.ON customers will be honoured in full.
- Customer service remains the same - You can continue to contact your current provider using the same phone numbers and website details as usual.
What is happening to OVO's Home Services?
Alongside the sale of its energy retail business, OVO has also agreed to sell its Home Services division. This part of the business, which provides boiler insurance and servicing, is being acquired by the energy services provider Hometree. Similarly to the energy takeover, there are no immediate changes for OVO Home Services customers. The transition is expected to be managed smoothly, and your current cover will remain in place.
Will the deal definitely go ahead?
The takeover is not yet finalised. It is subject to strict regulatory approval, including scrutiny by the Competition and Markets Authority (CMA) to ensure the merger does not negatively impact consumers. If the regulatory checks are successful, the deal is expected to be completed in the second half of 2026. Until then, both E.ON and OVO will remain separate businesses.
Can I still switch energy suppliers?
Yes. Even with the takeover on the horizon, you are still completely free to switch your energy supplier if you find a better deal elsewhere. If you are concerned about the takeover or simply want to check if you are overpaying, it is always worth keeping an eye on the best energy deals across the market. Comparing energy tariffs is a straightforward process and you can check out the best deals in our article 'Which is the cheapest fixed-price energy deal?'
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