September 13, 2019 / 6:15 AM / 2 months ago

SSE to sell energy services unit to OVO Energy in 500 mln pound deal

Sept 13 (Reuters) - British energy provider SSE Plc said on Friday it had agreed to sell its SSE Energy Services business to OVO Energy Limited, a unit of OVO Group Limited, for an enterprise value of 500 million pounds ($617.6 million).

Proceeds from the sale, which involves 400 million pounds in cash and 100 million pounds in loan notes, will be used to reduce SSE’s net debt. ($1 = 0.8096 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; editing by Arun Koyyur)

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