UK Octopus Energy sells minor stake
UK retailer Octopus Energy announced on September 27 a strategic partnership with Generation Investment Management (GIM) in a deal that values the company at $4bn pre-deal, and up to $4.6bn post-deal.
The agreement will see GIM’s Long-term Equity strategy take about 13% in the business and Octopus will use the proceeds to boost its mission to drive the renewable revolution globally.
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Octopus’s technology platform, Kraken, is already contracted to improve the customer experience with more efficient operations and cleaner and smarter energy solutions to 17mn energy accounts globally. It has retail businesses in the UK, USA, Germany, Spain and New Zealand.
The announcement of the deal, which was some months in the making, comes hot on the heels of the company's appointment, by the energy regulator Ofgem, as the supplier of last resort for Avro Energy, which is now in administration.