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Britain's SSE approaches firms over deal to shed retail arm - Sky News

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By Reuters

(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 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)