Octopus Energy has agreed a deal to sell a minority stake in its Kraken Technologies division in a move valuing the software business at 8.65 billion dollars (£6.4 billion) and paving the way for its possible stock market flotation.
The UK energy giant – Britain’s biggest gas and electricity supplier – sold about 1 billion dollars (£740 million) of equity in Kraken to a consortium of investors, including global investment firm D1 Capital Partners, Fidelity International and a unit of Ontario Teachers’ Pension Plan.
