The government has approved a deal for energy supplier Bulb to be purchased by Octopus Energy.
Bulb went into administration last year due to soaring wholesale prices for gas and electricity, with the government now approving a deal for the company to bought by Octopus Energy.
Octopus has confirmed that they will be retaining the branding and technology of Bulb for an interim period while Bulb's 1.5 million customers are transferred over to Octopus.
Bulb has issued a message to its customers saying that they do not need to change their supplier, and assured customers that their current credit balance is protected.
It added that the price customers will pay for their energy will not change as a result of Octopus acquiring Bulb.
For the moment, Bulb customers do not need to take any action, and will be contacted by Octopus when it's time to transfer their account over to the Octopus platform.
Greg Jackson, CEO and founder of Octopus Energy Group, said: "We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb’s staff and customers.
"We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart.
"We know how important this is to Bulb’s loyal customers and dedicated staff, and are determined that Octopus can provide them with a stable home for the future."
The deal was approved under the Energy Transfer Scheme, this means that Bulb's assets will be moved into a separate entity to protect consumers during the transfer.
Bulb also confirmed that it will continue to make payments to those eligible under the Energy Bills Support Scheme.
Business and Energy Secretary Grant Shapps said: "This government’s overriding priority is to protect consumers and last night’s sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most.
"This is a fresh start and means Bulb’s 1.5 million customers can rest easy, knowing they have a new energy home in Octopus.
"Moving forward, I intend to do everything in my power to ensure our energy system provides secure and affordable energy for all."
Matthew Cowlishaw, senior managing director at Teneo and special administrator to Bulb Energy Ltd, said: "When the energy administrators were appointed in November 2021, our primary objectives were to enable Bulb to trade as usual while minimising the cost to the taxpayer.
"Following a thorough and extensive process over the course of almost a year, we examined all options and in conjunction with BEIS came to the conclusion that this transaction would provide the most value to the taxpayer.
"We are pleased that we have achieved the objectives of the special administration, especially against the backdrop of wider energy market disruption, and that the transition of employees and customers will provide certainty for both going forward."
Customers transferred over from Bulb will effectively become customers of Octopus Energy.
