Latest news with #KrakenTechnologies
Yahoo
5 hours ago
- Business
- Yahoo
Octopus Energy plans Kraken Technologies demerger
Octopus Energy is reportedly on the verge of appointing investment bankers to manage the separation and partial sale of its technology division, Kraken Technologies. This move by the British renewable energy group involves a demerger expected within the next twelve months, reported Sky News, citing sources with knowledge of the situation. The plan will result in Kraken Technologies becoming an independent entity, with existing Octopus Energy investors receiving shares in the newly autonomous business. According to the report, the potential transaction includes the sale of up to 20% of the technology business to external investors. This is intended to support the evaluation of its market value. Current assessments estimate that Kraken Technologies could be valued at around £10.25bn ($14bn). Such a valuation would position the entire Octopus Energy Group, including its retail supply operations, at approximately £15bn or more. The anticipated valuation reflects a substantial increase from previous assessments when Octopus Energy secured new backing from Galvanize Climate Solutions and Lightrock. Shortly before that, Generation Investment Management and the Canada Pension Plan Investment Board increased their stakes, valuing the company at £7.2bn. Kraken Technologies provides a platform that orchestrates various components of the energy system such as customer billing and the management of renewable energy resources. The platform is licensed not only to Octopus Energy competitors such as EON and EDF Energy in the UK but also extends its reach internationally. Clients include Japan's Tokyo Gas and Australia's Origin Energy, among others. Investment banks including Citi, JP Morgan, Goldman Sachs, and Morgan Stanley have been tapped to pitch for the demerger mandate. Kraken Technologies' platform leverages advanced data analytics, cloud automation, and AI to enhance operational efficiency and customer service capabilities. As of now, it is said to support more than 70 million customer accounts globally and aims to expand this number to 100 million by 2027. Recently, Kraken Technologies expanded its operations in the US through a partnership with National Grid, enabling it to serve customers in New York and Massachusetts. "Octopus Energy plans Kraken Technologies demerger" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 days ago
- Business
- Bloomberg
Octopus Energy Eyes Demerger of Tech Arm Kraken, Sky Says
The UK's largest electricity supplier, Octopus Energy Group Ltd., is planning to separate its Kraken Technologies Ltd. business, Sky News reported, citing people familiar with the matter. The firm is close to hiring bankers to separate Kraken, which licenses an operating system to utilities. The unit could be valued as much as $14 billion, Sky reported, citing one of the people.
Yahoo
2 days ago
- Business
- Yahoo
Britain's Octopus Energy considers 14 billion dollar demerger of tech arm Kraken, Sky News reports
(Reuters) -Britain's Octopus Energy is close to hiring bankers to oversee a 10 billion pounds ($13.65 billion) separation and stake sale of its technology arm Kraken Technologies, Sky News reported on Saturday, citing sources familiar with the matter. Reuters could not immediately verify the report. ($1 = 0.7325 pounds) Sign in to access your portfolio
Reuters
2 days ago
- Business
- Reuters
Britain's Octopus Energy considers 14 billion dollar demerger of tech arm Kraken, Sky News reports
July 5 (Reuters) - Britain's Octopus Energy is close to hiring bankers to oversee a 10 billion pounds ($13.65 billion) separation and stake sale of its technology arm Kraken Technologies, Sky News reported on Saturday, citing sources familiar with the matter. Reuters could not immediately verify the report. ($1 = 0.7325 pounds)
Yahoo
2 days ago
- Business
- Yahoo
Britain's Octopus Energy considers 14 billion dollar demerger of tech arm Kraken, Sky News reports
(Reuters) -Britain's Octopus Energy is close to hiring bankers to oversee a 10 billion pounds ($13.65 billion) separation and stake sale of its technology arm Kraken Technologies, Sky News reported on Saturday, citing sources familiar with the matter. Reuters could not immediately verify the report. ($1 = 0.7325 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
