Shell: acquires energy supplier in Australia

(CercleFinance.com) - On Tuesday Shell announced the acquisition of Powershop, an Australian online energy provider that has over 185,000 clients.


The deal will take the form of Shell and ICG, an infrastructure investment fund, acquiring 100% of Meridian Energy Australia Group (MEA), the parent company of Powershop.

Under the terms of the agreement, Shell will take control of Powershop, while ICG will acquire MEA's renewable energy portfolio.

Shell, which aims to form an "integrated" energy group, says that Powershop is to be its residential energy distribution platform in Australia.

Powershop, an electricity and gas distributor with a strong presence in southern Australia, bills itself as the country's "greenest" energy provider.
The deal is expected to close in the first half of 2022: its financial terms were not disclosed.


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