April 27, 2019 / 1:41 PM / 4 months ago

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

April 27 (Reuters) - British energy company SSE Plc has approached companies including broadband provider TalkTalk Telecom Group about a deal to offload its household supply arm, Sky News reported bit.ly/2Lm9c2T on Saturday.

SSE will update investors about the future of its retail unit, which its Chief Executive Alistair Phillips-Davies values at 1 billion pounds ($1.29 billion), on May 22, Sky News reported.

SSE is aiming to find a buyer or a merger partner, but despite recent discussions a tie-up with TalkTalk is unlikely, the Sky News report 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 did not respond to a request for comment on Saturday, while TalkTalk said it had no comment on the Sky News report. ($1 = 0.7742 pounds) (Reporting by Kanishka Singh in Bengaluru Editing by Alexander Smith)

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