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Npower sells 770,000 customer supply accounts Npower sells 770,000 customer supply accounts
(about 3 hours later)
The energy firm Npower is selling 770,000 of its electricity and gas customer accounts to Telecom Plus.The energy firm Npower is selling 770,000 of its electricity and gas customer accounts to Telecom Plus.
Telecom Plus, which uses the Utility Warehouse brand name, will see client numbers more than double to 1.2 million.Telecom Plus, which uses the Utility Warehouse brand name, will see client numbers more than double to 1.2 million.
Customers with Energy Plus and Gas Plus accounts are being told they will see no change in services.Customers with Energy Plus and Gas Plus accounts are being told they will see no change in services.
Npower, which will gain £218m from the sale, will still have 4.6 million customer accounts.Npower, which will gain £218m from the sale, will still have 4.6 million customer accounts.
The sale is subject to approval by Telecom Plus shareholders and the Office of Fair Trading.The sale is subject to approval by Telecom Plus shareholders and the Office of Fair Trading.
Npower said it expected to complete the sale by January next year.Npower said it expected to complete the sale by January next year.
'Big seven''Big seven'
Shares in Telecom Plus were up 14% as markets opened in London on Wednesday, making it one of the top percentage gainers on the London Stock Exchange.Shares in Telecom Plus were up 14% as markets opened in London on Wednesday, making it one of the top percentage gainers on the London Stock Exchange.
Npower boss Paul Massara said Britain was "well on its way to having a big seven rather than a big six".Npower boss Paul Massara said Britain was "well on its way to having a big seven rather than a big six".
He said: "In one move we have helped to create the biggest independent competitor in Britain's household energy supply market."He said: "In one move we have helped to create the biggest independent competitor in Britain's household energy supply market."
"This is good for competition and good for consumer choice.""This is good for competition and good for consumer choice."
Telecom Plus's executive chairman, Charles Wigoder, said: "This is a transformational deal for the company, delivering significant earnings enhancement, a revised and improved twenty year supply agreement with Npower and the opportunity for us to provide even more competitive energy prices to our customers in future."Telecom Plus's executive chairman, Charles Wigoder, said: "This is a transformational deal for the company, delivering significant earnings enhancement, a revised and improved twenty year supply agreement with Npower and the opportunity for us to provide even more competitive energy prices to our customers in future."
Since the start of October, more than 150,000 people have switched themselves to smaller energy firms amid a spate of price rises from five of the "big six" energy and gas firms and political debate about how the firms set prices.Since the start of October, more than 150,000 people have switched themselves to smaller energy firms amid a spate of price rises from five of the "big six" energy and gas firms and political debate about how the firms set prices.
Small energy firms account for about 3% of the market.Small energy firms account for about 3% of the market.
Neil Shah, analyst at Edison Investment Research, said the acquisition was a major strategic move for Telecom Plus.
He said: "With some reinvestment in price, the company is now even better placed to take advantage of consumer discontent around the big six."