Mayfair And Morgan Stanley Raise Stake In UK Gas Supplier Despite Profit Slump

Ovo Group (Ovo) shareholders have raised their stakes in the company in transactions worth £200m, which has been announced the same day the company revealed a hefty downturn in profits amid higher hedging costs for buying gas. Long-standing partners Mayfair Equity Partners and Morgan Stanley Investment Management have both increased their holdings in the owner of the UK’s fourth-largest energy supplier by an undisclosed amount – buying shares from existing investors. Both groups have backed Ovo Group since 2015, alongside a handful…