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Octopus Energy to acquire Engie's residential energy supply business in UK

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Octopus Energy to acquire Engie's residential energy supply business in UK

Octopus Energy Ltd. struck a deal to acquire Engie SA's residential energy supply business in the U.K., taking over 70,000 customers, according to a Jan. 20 company announcement. Financial terms of the deal were not disclosed.

The transaction is in line with Engie's strategic exit from the U.K. domestic energy market. The sale will not impact the French utility's business energy customers and its district energy supply operations in the U.K.

The deal also marks Octopus Energy's sixth acquisition in two years. The energy supplier has increased its customers in the U.K. to 1.4 million from half a million at the end of 2018.