Shell Energy North America (US) LP announced Aug. 29 that it signed a purchase agreement to acquire MP2 Energy LLC for an undisclosed sum.
Shell Energy North America manages a retail energy business targeting large commercial and industrial customers on the West Coast of the U.S. The acquisition of energy management services provider, MP2 Energy, will expand its area of operations to Texas and throughout the eastern U.S. and provide access to MP2's network of aggregators, brokers and consultants, according to a news release.
The acquisition is expected to close in the third quarter, the Royal Dutch Shell plc subsidiary said. Upon consummation, MP2 will be managed by its existing management team as a wholly owned subsidiary of Shell Energy North America.
The Federal Energy Regulatory Commission approved the acquisition proposal Aug. 24.