A proposed takeover of Ovo Energy is moving forward that could result in the creation of Britain's largest energy supplier, according to company officials.

Customers have been advised not to panic over the planned deal, with assurances that all existing tariffs will be honored in full under the new ownership structure. The takeover represents a significant consolidation in the UK energy market.

Ovo Energy currently serves millions of households across Britain and has grown substantially in recent years through previous acquisitions. The company has not disclosed the identity of the acquiring party or the financial terms of the proposed deal.

If completed, the transaction would reshape the competitive landscape in Britain's retail energy market, potentially creating a dominant player in household energy supply. The deal comes as the energy sector continues to face challenges from volatile wholesale prices and regulatory pressures.

Regulatory approval will likely be required before the takeover can be finalized. Industry observers are watching closely to see how the consolidation might affect competition and consumer choice in the energy market.