Freshfields, Paul Weiss, Latham & Watkins and Skadden advised on Kraken’s $1 billion standalone investment round.
The funding round values Kraken at $8.65bn and is led by D1 Capital Partners and includes other new investors Fidelity International, Durable Capital Partners and Ontario Teachers’ Pension Plan Board.
The investment round paves the way for Kraken’s demerger from Octopus Energy, enabling Kraken to operate as a fully independent technology platform for utilities worldwide, accelerating global adoption and deepening partnerships, while allowing Octopus Energy to focus on scaling its consumer, generation, and clean technology businesses.
Freshfields is advising Octopus Energy, the UK’s largest household energy supplier, on the first standalone investment round into its AI-powered operating platform, Kraken.
The Freshfields team was led by partners Ed Cole and Tom Godwin, supported by associates Yoel Gordon and Tom Hirao-Sandford, with Matt Goulding advising on US private capital aspects.
Paul, Weiss advised lead investor D1 Capital Partners, with the team led by Private Equity Partners Edward T. Ackerman and Oliver Marcuse.
Latham & Watkins LLP represented Teachers’ Venture Growth in the transaction with a cross-border corporate team led by Partners John Miller, Farah O’Brien, and Haim Zaltzman, with Associates Pat Argenio, Nick Fisher, and Joe Donoso. Advice was also provided on tax matters by Partners Karl Mah and Andrea Ramezan-Jackson.
Skadden advised Kraken, with a cross-practice team led by New York Corporate Partner Christopher Barlow and London-based Corporate Partner Denis Klimentchenko.
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