Octopus will buy Shell’s UK and German household energy business, meaning the oil giant’s 1.4 million customers will change supplier.
Shell put the household energy arm of its business up for sale in June, opening the bidding process to acquire its operations.
The deal brings the number of Octopus Energy customers to 6.5 million. Octopus promised “a smooth transition and no disruption to customer energy supply”.
Greg Jackson, CEO and founder of Octopus Energy Group, 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 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.”
The deal will close in the fourth quarter of this year, at which point Octopus will contact Shell customers about next steps.
Shell and Octopus said they 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,” Octopus said. “Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.”
