Octopus Energy acquires Shell home energy business in UK, Germany
4 September 2023
London-based Octopus Energy has signed an agreement with Impello, a subsidiary of ShellPetroleum Company Ltd., to purchase Shell Energy's residential business in the United Kingdom and Germany.
The acquisition follows a competitive process conducted by Shell and includes 1.4 million household electricity customers (2.5 million metering points) and 500,000 broadband customers, said Octopus Energy.
The company will grow to nearly 300,000 customers in Germany and 6.5 million customers in the United Kingdom. It did not disclose the financial terms of the deal.
Subject to regulatory approvals, the acquisition is expected to close in the fourth quarter of 2023. Shell said the sale is part of plan announced earlier this year to exit its household energy businesses in the United Kingdom, Germany and the Netherlands.
The two companies are also exploring a partnership on EV charging.
Related
-
Portugal to hold energy storage auction before January 2026
1 August 2025
-
Botswana signs MoU with Turkish firm for Mosetse–Kazungula–Livingstone rail project
1 August 2025
-
Vinci to buy German HVAC specialist Zimmer & Hälbig
31 July 2025
-
ENEC, Samsung C&T in deal to develop civil nuclear projects
30 July 2025
-
Top firms bid for Oman's Musandam Airport construction works
30 July 2025
-
Iberdrola plans 1.32 GW pumped-hydro storage project in Portugal
28 July 2025