The sale is set to take Octopus’ retail supply arm to 6.5 million customers and both companies will explore a potential international partnership.

Impello Limited, a subsidiary of Shell Petroleum Company Limited, has sold Shell Energy’s business in the UK and Germany to Octopus Energy. The transaction will add two million new home energy and broadband customers to the acquiring company.

The move comes after a competitive process run by Shell and includes 1.4 million household energy customers (2.5 million meter points) and 500,000 broadband customers. This deal grows Octopus to nearly 6.5 million household customers in the UK (over 11 million meter points) and its customer base in Germany to almost 300,000.

The purchase is expected to complete in the fourth quarter of 2023 following regulatory approval, with customers set to be contacted after its completion.

“Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too,” said Greg Jackson, CEO and Founder of Octopus Energy Group.

As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership. The companies are planning to bring the best possible experience to their EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers.

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