(Reuters) – Grok Ventures, the Australian tech billionaire Mike CannonBrookes said Wednesday that it had settled a 11.28% purchase of AGL Energy (OTC) for A$650million ($455.33 Million) with J.P. Morgan.

Cannon-Brookes is the co-CEO at software company Atlassian (NASDAQ;) and an active climate activist. He converted a portion of his derivatives-based stake in the company earlier in this month, after a failed attempt to takeover Brookfield Asset Management.

AGL plans to separate into two companies, Accel Australia and AGL Australia. This follows a 75% drop in AGL’s market value in five years. The slump was exacerbated by cheap solar and wind energy and government pressure to lower power prices for households.

Cannon-Brookes purchased a stake in the demerger to block the country’s most polluting power producer and polluter. The bulk power generator would become a retailer of carbon-neutral power, while the second one would be used as a bulk power source.

AGL’s plan requires 75% votes to become a reality. Cannon-Brookes currently owns 11.28% shares. Only 14% of these votes would be required to oppose and block the demergeration.

A statement from the investment company of billionaire said that JPM had been instructed to execute a number trades to simplify AGL’s interest and convert them to physical shares.

According to a spokesperson for the company, “Grok is certain they will vote against the merger at full strength”

AGL’s demerger proposal is up for shareholder vote by June 15.

($1 = 1.4276 Australian dollars)