Ovo Energy has secured its brand from the company's billionaire founder, Stephen Fitzpatrick, in a deal valued at £150 million.
The transaction for the Bristol-based energy supplier, which stands as the nation's fourth-largest for household energy, comes amid broader organisational restructuring, as reported by .
Reports from last summer indicated that Ovo Energy was on the brink of appointing financial advisers to consider options including attracting new investors or a potential sale.
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The firm boasts over four million customers and sponsors Wembley Arena. Fitzpatrick, who predominantly owns the firm, will receive preference shares worth £150 million through the agreement.
Other stakeholder entities are Mayfair Equity Partner, Mitsubishi Corporation, and Morgan Stanley Investment Management.
Last year saw additional investments of £200 million from Mayfair and Morgan Stanley, both shareholders since 2015, bolstering their stakes following an earnings decline reported by the energy provider.
Ovo Energy is slated to submit its financial statements for 2024 by this year's September end. In 2023, the company recorded revenues of £8.7 billion and a pre-tax profit reaching £1 billion.
As per Sky News, the original report's source, the arrangement includes Fitzpatrick stepping down from his position on the board of Ovo Energy's holding entity.
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An official spokesperson from Ovo commented: "Under the leadership of CEO David Buttress, Ovo has a simplified structure, an exceptional team, a strong financial base and a clear mission to deliver for customers."
"Ovo stands ready to accelerate its decarbonisation mission at scale."