"Octopus Energy Group is preparing to spin out its technology arm Kraken in a landmark deal that values the business at $8.65 billion, following a $1 billion standalone investment round. The funding, announced in London on 29 December, is led by D1 Capital Partners, with participation from major global investors including Fidelity International, Durable Capital Partners and the Ontario Teachers' Pension Plan Board through its Teachers' Venture Growth arm."
"The move paves the way for Kraken's formal demerger and independence from Octopus Energy Group, allowing the platform to operate as a neutral, global technology provider to utilities while Octopus sharpens its focus on energy retail, generation and clean technology. As part of the transaction, new and existing investors are acquiring around $1bn of Kraken equity. After the split, Octopus will retain a 13.7% stake in Kraken."
Octopus Energy Group is spinning out Kraken, valuing the technology arm at $8.65 billion after a $1 billion standalone investment round led by D1 Capital Partners with participation from Fidelity International, Durable Capital Partners and the Ontario Teachers' Pension Plan Board. The demerger will make Kraken an independent, neutral global technology provider to utilities while Octopus refocuses on energy retail, generation and clean technology. Investors are acquiring around $1bn of Kraken equity and Octopus-led investors are injecting $320m into Octopus Energy Group. Octopus will retain a 13.7% stake. Kraken serves over 70 million customer accounts, processes 15 billion daily data points and has contracted annual revenues exceeding $500m.
Read at Business Matters
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