Octopus Energy Group has bought Shell PLC (LSE:SHEL, NYSE:SHEL)'s household energy supply business in the UK and Germany, taking on two million new home energy and broadband customers, it said in a statement.
The deal takes Octopus to nearly 6.5 million household customers in the UK, while its customer base in Germany will grow to almost 300,000.
The move comes after a competitive process run by Shell and includes 1.4 million household energy customers and 500,000 broadband customers, a statement said.
As part of the agreement, Shell and Octopus Energy have 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 Shell Recharge and Octopus Electroverse subscribers.
Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.
No financial details were disclosed.