Deep level transient spectroscopy of electron irradiated p‐type silicon reveals a defect level at Ev+0.19 eV, which during anneal treatments at 200 °C gradually transforms into a band with Ev+0.24 eV. Both energy levels however, are reported in literature to be the donor level of the divacancy. In the present study it is proposed that during the low‐temperature anneal the divacancy interacts with oxygen, forming a V2O complex. During heat treatments at temperatures in the range between 250 and 450 °C a further shift of the deep level to higher energy positions is observed which might be related with other vacancy‐oxygen complexes.