Octopus Energy Office in Valencia.
Photo: Octopus Energy Group
Octopus Energy has signed an agreement with Impello Limited, a subsidiary of Shell Petroleum Company Limited, to acquire Shell Energy’s residential business in the United Kingdom and Germany. The two companies are also exploring an electric vehicle charging partnership.
The acquisition follows a competitive process carried out by Shell that included 1.4 million domestic electricity customers and 500,000 broadband customers, according to Octopus. The company will have approximately 300,000 customers in Germany and 6.5 million customers in the United Kingdom. The financial details of the deal were not revealed.
Subject to regulatory approvals, the acquisition is expected to close in the fourth quarter of 2023. Shell said the sale is part of the plan it announced earlier this year to exit domestic energy businesses in the UK, Germany and the Netherlands.
In Spain, where it has been present since the beginning of 2022, Octopus Energy bought the solar division of Solger Energy in Valencia.
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