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Ovo to buy SSE retail energy business in £500m deal

Ovo Energy has struck a £500m deal for the UK household business of its bigger rival SSE in a bold move that will turn it into one of Britain’s biggest energy suppliers, second only to British Gas. Founded a decade ago by former city trader Stephen Fitzpatrick, Ovo has agreed to pay around £400m in cash for SSE’s retail business, which the FTSE 100 company has been trying to offload since last year.
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