Octopus Energy to Sell 10-20% Stake in Kraken at $9-10bn Valuation
Investors including D1 Capital and Fidelity are buying into the software platform ahead of its demerger.
Octopus Energy Group is preparing to sell between 10% and 20% of its software arm, Kraken Technologies, in a deal valuing the company at $9bn to $10bn (£6.67bn-£7.4bn). The transaction, handled by Goldman Sachs, is part of a broader demerger plan announced by Sky News in July 2025. Leading investors D1 Capital Partners, Fidelity and Ontario Teachers Pension Plan are participating in the sale. Kraken, which serves over 70 million customer accounts globally through its platform licensed to providers like EDF Energy, EON and Origin Energy, aims to reach 100 million accounts by 2027. The demerger is intended to eliminate perceived conflicts of interest that have deterred some energy suppliers from adopting Kraken's technology. Octopus Energy, chaired by former BT Group CEO Gavin Patterson, became the UK's largest energy supplier in January with 24% market share and 7.5 million customers.
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