EDF Negotiates So Energy Acquisition to Grow UK Electricity Market Share
EDF's Strategic Expansion in the UK Electricity Market
Background of the Acquisition Talks
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.
EDF's Current Market Position
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.
Potential Impact on Customer Base
The purchase would add around another 300,000 customers for EDF, the Sky News report said.
Competitive Landscape in the UK Energy Sector
This comes as EDF is trying to keep up with competitors Octopus Energy, British Gas and E.ON in a competitive British market.
Recent Mergers and Acquisitions
The interest comes several months after German utility E.ON announced plans to buy rival Ovo Energy for an undisclosed sum.
Valuation and Response from So Energy
The source did not provide a valuation for So Energy, but said that the company is relatively small so it should not be expensive for the French utility.
So Energy did not immediately respond to a request for comment.
(Reporting by Forrest Crellin;Editing by Alison Williams)
