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SSE Retail, NPower seek approval of UK markets authority for merger

SSE Retail Ltd and NPower filed with the U.K. Competition and Markets Authority for approval of their proposed merger.

SSE Retail is the retail business of U.K. electric utility SSE PLC.

The Competition and Markets Authority is investigating the merger to determine whether the deal could reduce competition in the supply of energy to customers in the U.K., according to a Feb. 28 release.

The regulatory agency has already begun phase one of the investigation and is expected to give an initial decision on or before April 26.

SSE in August 2017 announced plans to spin off, or "demerge," its household energy and services business and combine it with NPower, a subsidiary of innogy SE, to form a new independent energy supply and services business in the U.K. Under the deal, SSE shareholders will hold 65.6% of shares in the newly formed company, with innogy retaining 34.4%.

Innogy is a subsidiary of RWE AG.

Subject to necessary shareholder and regulatory approvals and other conditions the transaction is expected to be completed by the end of 2018 or in the first quarter of 2019.