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FitzWalter Raises Auction Technology Buyout Bid to $658 Million

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Private equity firm FitzWalter Capital has increased its takeover offer for Auction Technology Group to 491 million pounds ($658 million), after the company rejected multiple earlier bids.

The new proposal values Auction Technology at 400 pence per share, an 11% increase from FitzWalter’s previous 360 pence offer. Shares in Auction Technology jumped as much as 15% following the announcement, after having lost nearly half their value in 2025.

FitzWalter, which owns over 21% of the company, has criticised Auction Technology’s management for poor engagement and for margin pressure following the acquisition of U.S. marketplace Chairish. Auction Technology has described the bids as “opportunistic” and said they undervalue the business.

One major shareholder told Reuters the latest offer still fails to reflect the company’s intrinsic value. FitzWalter has urged shareholders to push the board to negotiate before a February 2 deadline, after which it must make a firm offer or walk away.

L3Harris Sells 60% Stake in Space Propulsion Business to AE Industrial for $845 Million

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U.S. defense contractor L3Harris Technologies said on Monday it will sell roughly a 60% stake in its space propulsion and power systems business to private equity firm AE Industrial Partners for $845 million, including debt.

The transaction advances L3Harris’ strategy to scale back its exposure to space-related activities and sharpen its focus on defense capabilities, as rising geopolitical uncertainty drives increased demand for military technologies.

Separately, L3Harris announced it will reorganize its operations into three business segments, down from four, to better align its portfolio with what it described as the “future of warfare.” The new structure will consist of space and mission systems led by Sam Mehta, communications and spectrum dominance headed by Jon Rambeau, and missile solutions overseen by Ken Bedingfield.

“We’re now best poised to deliver the speed, technology and commerciality required by our most important customer – the warfighter,” said Chief Executive Christopher Kubasik.

Despite the divestment, L3Harris will retain full ownership of the RS-25 rocket engine, which is currently used in NASA’s Space Launch System for the Artemis program.

The deal with AE Industrial, first reported by Reuters on Sunday, is expected to close in the second half of 2026. AE Industrial said the partnership will also help accelerate the development of next-generation propulsion technologies, including nuclear propulsion systems viewed as critical for future Mars exploration missions.

AE Industrial’s previous investments in the space sector include Firefly Aerospace, RedWire Space, and York Space Systems.

Britain’s Octopus Energy to spin out Kraken at $8.65 billion valuation

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Britain’s Octopus Energy said on Monday it will spin off its technology arm, Kraken, as an independent company valued at $8.65 billion, following a funding round led by U.S. investment firm D1 Capital Partners.

Under the deal, new and existing investors will purchase about $1 billion of equity in Kraken. Investors led by Octopus Capital will also inject an additional $320 million into Octopus Energy. Participants in the funding round include Ontario Teachers’ Pension Plan, Fidelity International and Durable Capital Partners.

The transaction clears the way for Kraken’s formal demerger from Octopus Energy, which will retain a 13.7% stake in the newly independent company. The Financial Times reported that the separation could pave the way for a Kraken initial public offering within two years, potentially followed by an eventual listing of the privately held Octopus Energy. Reuters could not independently verify the report, and both companies declined to comment on potential listing plans.

Kraken provides AI-powered energy operating software to major utilities worldwide, including EDF, National Grid US and Tokyo Gas. The platform is contracted to serve more than 70 million customer accounts globally and reported contracted annual revenue exceeding $500 million as of September.

In a separate statement, Origin Energy said it will invest about $140 million in Kraken’s fundraising and retain a 22.7% stake in the platform after the transaction. Origin also agreed to waive exclusivity for Kraken’s services in Australia in exchange for an additional 1.5% equity interest.