Octopus Energy joins bid for collapsed Bulb
Octopus Energy has joined the bid to takeover collapsed energy provider Bulb.
City PM understands from industry sources Octopus Energy is one of multiple suppliers interested in Bulb Energy.
The supplier has maintained an interest in acquiring Bulb’s 1.6m customers since its collapse in November.
People close to the matter have said British Gas’s owner Centrica and Abu Dhabi energy company Masdar are also in talks with ministers as the deadline to secure a bid is set for 30 June.
The government, who spent £2.2bn to bail out the energy provider in November, is expect to hand over the company with a clean balance sheet as well as a significant financial dowry, the Financial Times reported.
“Bulb is eating cash and the government is desperate to do a deal and the buyers know that,” a source told The Financial Times.
But ministers have still to set an amount, instead waiting for the bidders to make their offer.