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British energy and technology group Octopus Energy (CODA) signed a deal to buy Shell Petroleum’s (SHEL) home energy business in the U.K. and Germany on Friday.
KEY TAKEAWAYS
- Shell has agreed to sell its U.K. and German home energy business to British energy and technology group Octopus Energy.
- Octopus will acquire 2 million new customers through this deal.
- The transaction is expected to be finalized in the fourth quarter of this year.
- Both companies have also signed an agreement to improve the EV charging experience of their customers.
The sold businesses, Shell Energy Retail Limited in the U.K. and Shell Energy Retail GmbH in Germany, provide domestic gas, power, and broadband services under the Shell brand name. Terms of the deal were not disclosed.
The deal, signed with Shell’s wholly-owned subsidiary Impello Limited, will increase Octopus Energy’s energy and broadband customer base to 6.5 million households. These include 1.4 million energy customers and 500,000 broadband customers.
The transaction is expected to complete in the fourth quarter of 2023, subject to regulatory approval.
As a part of the deal, Shell and Octopus signed a memorandum of understanding to improve the experience of EV charging customers. The agreement includes joint promotions and brand activations, cooperation on out-of-home charging as well as a range of other activities across EV offerings.
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