11/08/2017 | 08:14 Europe/Amsterdam
Essen, 8 November 2017 - innogy SE (“innogy”) and SSE plc (“SSE”) have entered into a binding agreement on combining the retail activities of innogy’s subsidiary Npower and SSE’s B2C (retail customers) and Energy+ activities in Great Britain. The combined business is intended to be listed and SSE plans to demerge its shares to its shareholders upon completion of the transaction. innogy will hold 34.4% of the shares in the combined business and the shareholders of SSE will hold the remaining 65.6% of the shares. The transaction is subject to the approval by the supervisory board of innogy and, in relation to the demerger, the shareholder meeting of SSE as well as the consent of the competent competition and regulatory authorities. Should SSE not obtain the approval of its shareholders by 31 July 2018, a break fee of GBP 60 million could be payable by SSE to innogy.
Responsible person: Dr. Claudia Mayfeld, General Counsel of innogy SE