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UTILITIES: EDP (EDPPL Baa2/BBB/BBB) / SSE (Baa1/BBB+[P]/A-): Merger Discussion

UTILITIES
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  • Reuters reports that EDP approached SSE about a potential merger earlier this year, with discussions ending without a deal.
  • They are similar in size at €41bn / €38bn EV respectively. We assume the idea was an all-share merger.
  • A deal would likely have been credit positive at the margin with benefits from increased scale and synergies. However, the group would be spanning different regulatory regimes and geographies.

  • Spreads already trade quite close despite the better rating for SSELN; UK names tend to trade wider than EU peers.

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  • Reuters reports that EDP approached SSE about a potential merger earlier this year, with discussions ending without a deal.
  • They are similar in size at €41bn / €38bn EV respectively. We assume the idea was an all-share merger.
  • A deal would likely have been credit positive at the margin with benefits from increased scale and synergies. However, the group would be spanning different regulatory regimes and geographies.

  • Spreads already trade quite close despite the better rating for SSELN; UK names tend to trade wider than EU peers.