Octopus Energy acquired Shell’s domestic energy businesses in the UK and Germany through a competitive process. The scope concerned includes 1.4 million domestic electricity customers (2.5 million meter points).

According to PV International Journal.

London-based Octopus Energy has signed an agreement with Impello, a subsidiary of Shell Petroleum Company Limited, to acquire Shell Energy’s residential businesses in the UK and Germany.

The acquisition follows a competitive process led by Shell and covers 1.4 million domestic electricity customers (2.5 million metering points), Octopus Energy said.

The company has nearly 300,000 customers in Germany and 6.5 million customers in the UK. It did not disclose financial terms of the transaction.

The acquisition is expected to close in the fourth quarter of 2023, subject to regulatory approvals. Shell said the sale was announced earlier this year as part of a plan to exit its operations in the domestic energy sector in the United Kingdom, Germany and Germany. Netherlands.

The two companies are also discussing a partnership in the field of electric vehicle charging.

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