E.ON to buy Ovo in major UK energy deal

May 11, 2026 at 11:08 UTC

3 min read

Digital electricity meters on UK homes illustrating major energy sector deal and consolidation

Key Points

E.ON SE (EOANd) has agreed to acquire UK-based Ovo Energy Ltd
The deal would add about four million customers to E.ON’s 5.6 million UK base
Over 60% of UK customers would be digitally connected via seven million smart meters
The transaction is subject to UK Competition and Markets Authority approval, with closing targeted for H2 2026

E.ON moves to acquire Ovo Energy

E.ON SE (EOANd) has signed an agreement to acquire Ovo Energy Ltd in a transaction that would position the combined group as one of the largest energy suppliers in the UK. The move is designed to expand E.ON’s customer-centric and digital energy business, strengthening its footprint in a key European market.

The acquisition will add around four million Ovo customers to E.ON’s existing 5.6 million customers in the UK. This enlarged customer base is intended to support E.ON’s plans to develop and scale innovative energy solutions across Europe, using the UK as a major platform.

Scale and digital reach of the combined business

Following completion, more than 60% of the combined UK customer base is expected to be digitally connected through approximately seven million installed smart meters. This digital infrastructure is seen as central to enabling new energy services, data-driven offerings and more efficient customer interactions.

The parties highlight that the integration of Ovo’s customers and smart-metered portfolio with E.ON’s existing operations is aimed at accelerating the shift toward a more digital energy system. The combined network of smart meters is expected to support the development of innovative products for households across the UK.

Regulatory approvals and expected timeline

The transaction remains subject to regulatory approvals, in particular from the UK’s Competition and Markets Authority. The companies have indicated that the closing of the deal is anticipated in the second half of 2026, once the necessary reviews and clearances have been obtained.

Until approvals are granted and the transaction is completed, E.ON and Ovo are expected to continue operating as separate entities. The focus in the interim will be on preparing for integration while meeting all regulatory requirements associated with creating one of the UK’s largest energy providers.

Strategic focus on customer-centric, digital energy

E.ON frames the planned acquisition as part of a broader strategy to build a leading, customer-centric energy business that is increasingly digital. By bringing together Ovo’s customer base with E.ON’s established presence, the group aims to offer a wider range of energy solutions tailored to consumer needs.

The emphasis on digital connectivity through smart meters underpins this strategy, supporting more flexible tariffs, usage insights and potential future services. The combination of scale, data and technology is intended to enhance the group’s ability to innovate in the UK market and, over time, across Europe.

Key Takeaways

The planned Ovo acquisition markedly increases E.ON’s UK customer scale, creating a platform for broader energy offerings.
A high level of smart-meter penetration positions the combined group to expand digital and data-driven services.
Regulatory scrutiny, particularly by the UK Competition and Markets Authority, will shape the final structure and timing of the deal.