Japanese industrial finance to energy company Mitsubishi Corp. plans to buy a 20 percent stake in UK energy supplier Ovo Energy for about 200 million pounds ($256.1 million).
Ovo Energy said that it intends to use the funds to extend into new markets across Europe, Australia and Japan and advance the development of its Kaluza energy technology unit.
The company added that the deal will allow it to continue to create innovative smart products to help customers manage their energy better while upgrading its planet for future generations.
The stake purchase values Ovo Energy at just over $1.2 billion, giving it the coveted unicorn status for a private company.