Following the acquisition, Octopus will have nearly 300,000 customers in Germany and 6.5 million in the UK. Financial details of the transaction have not been disclosed.

Octopus Energy office in Valencia.

Image: Octopus Energy Group

Octopus Energy has signed an agreement with Impello Limited, a subsidiary of ShellPetroleum Company Limited, to acquire Shell Energy’s residential business in the UK and Germany. The two companies are also exploring a partnership for electric vehicle charging.

The acquisition follows a competitive process conducted by Shell and includes 1.4 million domestic electricity customers and 500,000 broadband customers, according to Octopus. The company will have nearly 300,000 customers in Germany and 6.5 million in the UK. Financial details of the transaction have not been disclosed.

Subject to regulatory approvals, the acquisition is expected to close in the fourth quarter of 2023. Shell said the sale is part of plans announced earlier this year to exit its domestic energy businesses in the UK, Germany and the Netherlands.

In Spain, where it has been present since early 2022, Octopus Energy bought the solar division of Valencian company Solger Energy.

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