Tokyo Gas to acquire a minority stake in Octopus Energy for $250m.

Tokyo Gas, a Japanese multi-utilities company, agreed to acquire a minority stake in Octopus Energy, a British multi-utilities company, for $250m. The deal sees Tokyo Gas take a 9.7% equity stake for a consideration of $200m, alongside an approximate further $50m equity investment from Origin Energy, an energy company. The agreement will see Octopus Energy and Tokyo Gas launch the Octopus Energy brand in Japan, operated by TG Octopus Energy, a 30:70 joint venture backed by working capital and growth funding provided by Tokyo Gas. "I believe Octopus Energy, which is delivering diversified tariffs and services using digital technology through low costs in the UK and overseas, is the most appropriate partner for Tokyo Gas. Through this partnership, we will contribute to the achievement of a better lifestyle for customers by realizing value creation and delivery tailored to every one of them," Takashi Uchida, Tokyo Gas President, and Representative Director.