SSE plc (LON:SSE) said a UK regulatory agency has determined that the proposed merger of its retail unit with Innogy SE’s Npower segment does not pose concerns over competition.
The Competition and Markets Authority’s final report confirms results announced in August of a provisional review, SSE said in a Wednesday statement.
The deal will create Britain's second-largest retail power provider, and it will reduce the ‘Big Six’ dominating the market to just five companies.
READ: SSE “pleased” UK regulator has provisionally cleared planned Npower merger
“We are very pleased that the Final Report of the CMA's investigation confirms its provisional findings that the proposed merger of SSE Energy Services and npower does not raise any competition concerns,” said Alistair Phillips-Davies, chief executive of SSE, in the statement.
"This is a complex transaction and there is still much work to do in the coming weeks and months. However, we've always believed that the creation of a new, independent energy and services retailer has potential to deliver real benefits for customers and the market as a whole,” SSE’s CEO added.