Shell has sold its UK and German business to Octopus Energy Group in a deal which will see the company taking on two million new home energy and broadband customers.
The deal is expected to complete in the fourth quarter of 2023 following regulatory approval.
Octopus Energy CEO Greg Jackson said: “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany.
“Octopus has proven that it delivers game-changing service while innovating and investing relentlessly towards a cheaper cleaner energy system,” he continued.
“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,” Jackson added.
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Octopus Energy Group signed a deal with Impello Limited (“Shell”), a subsidiary of Shell Petroleum Company Limited, to buy Shell Energy in the UK and Germany.
This deal grows challenger energy supplier Octopus to nearly 6.5 million household customers in the UK and to almost 300,000 in Germany.
Octopus and Shell are planning a partnership on electric vehicle chargers and other projects across the EV value chain.
Shell Energy executive vice president Steve Hill said: “To drive performance, discipline and simplification, we are prioritising countries, projects, and routes to market where we can deliver the most value.
“We will work closely with Octopus to ensure a seamless transition and continued high standards of customer service.”
