Shell (NYSE: ) announced Friday the sale of its domestic energy businesses in the United Kingdom and Germany to Octopus Energy. The transaction — the value of which was not disclosed — is expected to close in the fourth quarter, subject to regulatory approval.
UK unit Shell Energy Retail Limited (SERL) and Germany’s Shell Energy Retail GmbH (SERG) together provide electricity, gas and home broadband services to around 2 million customers, Shell said in an official statement.
Octopus is an energy retailer providing innovative energy solutions to residential customers in 15 countries.
The deal also includes the signing of a memorandum of understanding to “explore potential international partnerships to bring a better experience to its electric vehicle charging customers, including Shell Recharge subscribers”.
The companies will explore options for possible joint promotions and brand activations in conjunction with out-of-home charging and other activities across the EV value chain, the statement said.
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