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Npower sells 770,000 customer supply accounts


Npower has sold 770,000 of its gas and electricity customer accounts to Telecom Plus to help turn the ‘big six’ into the ‘big seven’, in a move that could increase competition in the energy market.

The deal which will cost Telecom Plus around £218 million will see its number of customers more than double to 1.2 million when the sale is completed in January 2014. However, the deal is subject to approval from Telecom Plus shareholders and the Office of Fair Trading (OFT).

Npower chief Paul Massara hailed the deal, claiming that the country is now "well on its way to having a big seven rather than a big six," and further stating that they have helped to create the “biggest independent competitor in Britain’s household energy supply market."

The move had an extremely positive effect on Telecom Plus’ shares as they rocketed as much as 14% on the London Stock Exchange on Wednesday. This prompted the Charles Wigoder, Executive Chairman of Telecom Plus to hail the deal as “transformational” and stating that it creates the opportunity to provide “even more competitive energy prices.”

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