TalkTalk is set to acquire nearly half a million broadband customers from Octopus Energy.

As reported by Sky News, TalkTalk has sealed a deal to take on the 480,000 broadband customer base of Shell Energy Retail UK from Octopus Energy.

According to Sky, the agreement could be announced within days.

– TalkTalk

Timing of the announcement comes amid reports earlier this week about TalkTalk's future being uncertain.

Bosses at the company reportedly warned that there is “material uncertainty” ahead of an expected debt refinancing that “may cast significant doubt” over its future.

Though Shell relies on Openreach infrastructure to deliver Internet services to customers, TalkTalk already serves Shell customers through its wholesale platform, meaning the deal won't increase the ISP's customer base, which is just below four million.

In September, TalkTalk announced a restructuring as part of plans to split into three standalone companies.

As part of the separation of its business, the company said that three independent companies will be created, focusing on B2B, consumer, and small businesses.

The three companies will be known as B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct.

Founded in 2003 as a subsidiary of mobile phone retailer Carphone Warehouse, TalkTalk founder Charles Dunstone spun off the firm to become an independent company in 2010.

The company is understood to have been up for sale in the last couple of years. UK telco Virgin Media abandoned plans last year to acquire TalkTalk following months of talks.

The deal with Virgin Media was estimated to be worth £3bn ($3.74bn), although city analysts questioned whether TalkTalk was worth this amount.

The company was taken private last year following a £1.1bn ($1.37bn) deal with investment firm Toscafund, with the business valued at £2bn ($2.5bn) including debt.

As for Shell, through its 100 percent owned subsidiary Impello Limited, confirmed the sale of its home energy business in the UK and Germany to Octopus Energy Group in September.

Shell entered the broadband business in 2017 after acquiring UK energy firm First Utility 2018; the acquired utility had launched a broadband unit in 2017. Shell then reached an agreement to acquire some 465,000 phone and broadband customers from the Post Office’s telecoms division back in 2021, for an undisclosed sum, estimated to be at around £80m ($101m) to £100m ($126m).