(Reuters) – British energy company SSE Plc has approached companies including broadband provider TalkTalk Telecom Group about a deal to sell its household supply unit, Sky News reported http://bit.ly/2Lm9c2T on Saturday.
SSE will update investors on May 22 about the future of the retail arm, which Chief Executive Alistair Phillips-Davies has valued at 1 billion pounds ($1.29 billion), the report said.
The company is aiming to find a buyer or a merger partner, but despite recent discussions a tie-up with TalkTalk is unlikely, Sky News said, citing a source.
In December, SSE and energy group Innogy SE scrapped plans to merge their British retail operations after the industry regulator proposed a cap on consumer bills, leaving them looking for other consolidation options.
SSE and TalkTalk said they had no comment on the Sky News report.
(Reporting by Kanishka Singh in Bengaluru; Editing by Clelia Oziel)