Australian tech billionaire Mike Cannon-Brookes’ firm Grok Ventures said on Wednesday it settled an 11.28 percent stake purchase in AGL Energy worth A$650 million ($455.33 million) with J.P. Morgan.
Cannon-Brookes, the co-CEO of software firm Atlassian and a vocal climate activist, had gained the AGL stake earlier this month by converting a part of his derivatives-based holding in the company, having failed in a takeover attempt with Brookfield Asset Management.
AGL is looking to split into two companies called Accel and AGL Australia following a 75 percent slump in the group’s value over the past five years, hammered by an influx of cheap solar and wind power and government pressure on utilities to slash power prices to households….