Australia's top power and gas retailer, Origin Energy , agreed to buy a 20% stake in UK retailer Octopus Energy for A$507 million ($328.18 million), with an exclusive license to use its technology in Australia, the companies said on Friday.
), agreed to buy a 20% stake in UK retailer Octopus Energy for A$507 million , with an exclusive license to use its technology in Australia, the companies said on Friday.
Origin said the partnership with the fast-growing UK firm and use of its Kraken platform would radically improve Origin’s customer service, cut its costs sharply and give it international growth opportunities. Octopus said the deal, under discussion since last year, values the company at well over 1 billion pounds and said it would use the funds from Origin to develop its technology further and expand into more markets.
Octopus, among a number of smaller brands challenging Britain’s traditional power suppliers, last month agreed to work with German utility E.ON to revamp its UK retail business and in January acquired French firm Engie’s 70,000 British residential customers.
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