(Sharecast News) – Oil giant Shell said on Friday that it has agreed to sell its home energy business in the UK and Germany to Octopus Energy.
The businesses provide domestic gas, power, and broadband services to around 2 million customers and operate under the Shell Energy brand.
Shell said the deal is expected to complete in the fourth quarter of the year.
Steve Hill, executive vice-president, Shell Energy, said: “This agreement follows the announcement during our capital markets day to divest our home energy retail business in Europe.
“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.”
Shell said tariffs and offers will remain unchanged for all existing home energy customers, including continued access to 100% renewable power.
