German energy group E.ON has completed its acquisition of OVO, the UK residential energy supplier, after clearance by the Competition and Markets Authority, a deal that matters to energy suppliers, investors and market regulators because it combines two large UK retail customer bases under one owner.

E.ON UK is the British arm of German energy group E.ON, headquartered in the West Midlands, supplying about 5.6 million customers through its E.ON Next retail business.

OVO is a UK residential energy supplier founded by Stephen Fitzpatrick with about 4 million customers.

Competition and Markets Authority (CMA) is the UK competition regulator, which cleared the deal at Phase 1 on 1 October 2026 without a Phase 2 referral.

E.ON first announced the transaction in May 2026, and there is no immediate change for customers of either business, with existing tariffs honoured in full and customer service channels unchanged.

Chris Norbury, CEO of E.ON UK, said: “We are pleased to have completed this acquisition but our first priority is unchanged: looking after our customers, in both E.ON Next and in OVO. In a fiercely competitive market, flexibility and scale are what allow us to deliver for customers now and to transform for the energy system to come.”

Reports put the price as high as £600 million, and the deal adds OVO’s four million customers to E.ON’s existing 5.6 million.

The agreement was signed in May and completion followed on 8 October, about five months later.

The CMA opened its Phase 1 inquiry on 2 September and announced clearance on 1 October, ending the review without a Phase 2 referral, with the full decision published on 6 October.

UK retail energy is now dominated by a Big Three controlling roughly 73% of the market, according to analyst commentary published when the deal was announced.

Consumer reporting puts the combined group at about 9.6 million household customers, while E.ON says customers will be given notice of any future change.

For the sector, a completed combination of two large suppliers that cleared Phase 1 review sets a reference point for how UK competition authorities treat further retail energy consolidation.

Source: E.ON / Insider Media / GOV.UK / Watt-Logic / MoneySavingExpert