Shell takes over Australian energy supplier

The acquisition will help the company broaden its customer portfolio to include households

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Royal Dutch Shell subsidiary, Shell Energy has today announced an acquisition of Australian big energy supplier Powershop Australia.

The move, part of a $729 million (£542m) deal, to acquire the online energy retailer that currently serves 185,000 customers, is expected to allow Shell to further increase its share in the Australian electricity market.

The acquisition, which is expected to finish in the first half of 2022, is subject to regulatory approvals.

Shell Australia chairman Tony Nunan said: “Shell has been in Australia for more than 120 years and has a proud history of providing Australians with the energy they need to power their lives.

“This acquisition will see Shell continuing to serve the energy needs of our customers, this time in their homes.”

Last week, Shell unveiled plans to move its headquarters to the UK.

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