E.On to buy Ovo Energy

German energy major E.On has finalized a deal to acquire its UK rival Ovo Energy, a move set to create the largest domestic supplier in the British market.

The combined entity will serve approximately 9.6 million customers, surpassing the current industry leader, Octopus Energy.

While the exact value of the transaction was not disclosed, previous estimates placed the deal in the £600 million range.

E.On has assured Ovo's four million customers that all existing fixed tariffs will be honored, though the merger is expected to significantly consolidate the UK's competitive energy landscape.