April 27, 2019 / 1:51 PM / 3 months ago

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

(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 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

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