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France's EDF in Talks to Buy So Energy to Expand in UK

PARIS, Sept 7 (Reuters) - French state-owned electric utility EDF is ​in talks to acquire electricity supplier So ‌Energy, which is majority owned by Irish company ESB, a source with knowledge of the matter told ​Reuters on Monday, confirming a media ​report from Sunday.

The acquisition of the retail ⁠electricity supplier and solar panel installer would ​expand EDF's already large footprint in Britain, where ​it supplies around 5 million customers with electricity.

The purchase would add around another 300,000 customers for EDF, the ​Sky News report said.

A spokesman for So ​Energy said the company is considering a range of ‌options ⁠but cannot comment further on them as the matter is commercially sensitive.

EDF is trying to keep up with competitors Octopus Energy, British Gas ​and E.ON ​in a ⁠competitive British market.

German utility E.ON is also seeking to increase its ​presence there and in May announced ​plans ⁠to buy rival Ovo Energy for an undisclosed sum.

The source, who declined to be named because ⁠they ​were not authorised to speak ​publicly, did not provide a valuation for So Energy.

Reporting by ​Forrest Crellin; Editing by Alison Williams and Barbara Lewis

Source: Reuters


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