Irish electricity company ESB has strengthened its position in the UK retail market with an exciting new acquisition.

The firm has acquired a majority stake in UK green energy supplier, So Energy, with the intention to merge the company with its UK retail brand, ESB Energy.

This merger will see the creation of a business serving more than 300,000 customers, with the company continuing to trade as So Energy with ESB retaining 75% of the new combined entity.

Commenting on the merger, Marguerite Sayers, Executive Director, Customer Solutions at ESB, said: "For nearly 30 years, ESB has successfully operated as a leading independent generator in the UK and built on this with the launch of ESB Energy and ESB EV Solutions in recent years. The merger with So Energy is another significant milestone in our UK business, while further enhancing our customer offering and growth potential. So Energy's customer centricity and commitment to a low-carbon future mirrors our strategy and it is our intention to build on that success. We are really looking forward to integrating with and building a bright future with the So Energy team."

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Simon Oscroft, Chief Executive of So Energy, added: "This new, supercharged So Energy now has the backing and resources to become the next big green energy supplier in the UK. We wanted a partner that shared our values and vision to scale our business in a sustainable way and develop more industry leading net zero solutions for our customers. ESB's resources, strong heritage and significant green energy investments - including their EV charging infrastructure and wind generation portfolio - will enable us to do this. I would also like to wholeheartedly thank our shareholders who have helped us on the So Energy journey so far."

The merger is expected to be completed in the coming months.