Octopus Energy’s takeover of collapsed UK supplier Bulb set for next month
LONDON (Reuters) – The acquisition of collapsed British energy supplier Bulb by Octopus Energy can go ahead next month, a judge at London’s High Court ruled on Wednesday.
However, rival suppliers E.ON, British Gas and Scottish Power are mounting a legal challenge to the deal which could still delay – or even block – the takeover.
Bulb, which had around 1.5 million domestic customers, was one of the largest energy suppliers to collapse last year due to soaring wholesale gas and electricity prices.
The British government’s official budget forecaster said earlier this month that support for Bulb will cost around 6.5 billion pounds ($7.8 billion).
A deal for Octopus to buy Bulb was approved by the Department for Business, Energy & Industrial Strategy (BEIS) last month. The transaction also needed High Court approval.
Judge Anthony Zacaroli on Wednesday set a date for the deal to go ahead on Dec. 20, saying that E.ON, British Gas and Scottish Power should make any application to delay the takeover pending their legal challenges in those proceedings.
(Reporting by Sam Tobin, Editing By Paul sandle)