RWE npower and Telecom Plus have agreed the sale of RWE npower’s subsidiary companies, Electricity Plus and Gas Plus, to Telecom Plus, the owner of the Utility Warehouse brand. Telecom Plus will pay npower an initial £196.5m (€235m) for the companies and their electricity and gas customer accounts, with a further £21.5m (€25.7m) paid after three years. Telecom Plus and RWE npower have also agreed a new wholesale supply agreement, under which npower will continue to supply electricity, gas and other services to Electricity Plus and Gas Plus for the next 20 years at a more competitive rate. The transaction is subject to both the approval of Telecom Plus shareholders and the Office of Fair Trading (OFT). Completion is expected in late December or early January. Once complete, this transaction will result in Utility Warehouse further enhancing its position as a major force in the UK energy supply market with more than 770,000 customer accounts nationwide. The "Big Six" club will then become a "Big Seven".
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