Octopus acquires Shell Energy
Shell has reached an agreement to divest its home energy businesses, Shell Energy Retail Limited (SERL) in the UK and Shell Energy Retail GmbH (SERG) in Germany, to Octopus Energy Group.
The businesses serve approximately two million customers with domestic gas, power and broadband services under the Shell Energy brand.
The acquisition will expand Octopus Energy’s retail supply division to encompass 6.5 million customers.
With this agreement, Octopus Energy has become the second-largest energy supplier in the UK.
The transaction, effective from 1 September is expected to conclude in the fourth quarter of 2023, pending regulatory approval.