Origin Energy completed the acquisition of a 20% stake in Octopus Energy for $327m.

Origin Energy, a power and gas retailer, completed the acquisition of a 20% stake in Octopus Energy, a distributor of electricity and gas, for $327m. Origin Energy agreed to pay $87m on completion and $240m over four financial years ($31m contingent on the delivery of certain milestones). Apart from the 20% stake in Octopus, Origin would get access to a license in Australia to its market-leading customer platform, Kraken. “We’re thrilled to be able to accelerate our global expansion to make the green energy transition cheaper and faster. We’ve known Origin for a long time, and it has the most forward-thinking management of any market-leading energy company we’ve met. We’re looking forward to working with Origin to use technology to reduce energy costs, increase renewables and improve customer service in the UK, Australia, Germany and now many more countries too,” Greg Jackson, Octopus Energy, Founder and CEO.