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Sky News reports that UK's Octopus energy weighs $14 billion in demerger of Kraken's tech arm.

Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter.

The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation.

According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year.

The report cited a source to say that a valuation of 10 billion pounds for Kraken implied the entire group, including the retail supply business is worth 15 billion pounds and more.

Octopus Energy refused to comment on the article, while Kraken Technologies was not able to be contacted immediately.

Sky News reported that investment banks were invited to bid for the demerger contract in recent weeks.

(source: Reuters)