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Future of British Business

Octopus Seeks £1 Billion From UK Government to Buy Bulb: Sky

  • Deal would involve Octopus paying between £100m-£200m
  • Agreement could come within weeks, though complications remain
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Privately-owned Octopus Energy Ltd. is nearing a deal to acquire failed electricity supplier Bulb Energy Ltd., and has asked the government for a £1 billion funding package, Sky News reported.

Octopus is set to pay £100 million ($121.8 million) to £200 million to take on Bulb’s 1.6 million customers, Sky said. Any deal would also include a “significant” profit-share agreement to give the government a return for “several years” on earnings from Bulb customers.