UK's Foresight to buy Harmony Energy in $278 million deal (updated)
16/04/2025 17:55
Corrects buyer in headline and text to two funds managed by Foresight Group LLP, not Foresight Group Holdings Ltd April 16 (Reuters) - Two funds managed by British investment manager Foresight Group LLP said on Wednesday they would buy battery storage investment firm Harmony Energy Income Trust HEIT.L in a deal that values the company at about 209.9 million pounds ($277.9 million). In late March, British power company Drax DRX.L said it had agreed on terms of a possible acquisition of Harmony for about 199.9 million pounds. The Foresight Funds' 92.4 pence per share all-cash deal represents a premium of 5% to the 88 pence per share Drax Offer. The Foresight Funds said Harmony Energy has withdrawn its recommendation for the Drax offer. ($1 = 0.7552 pounds) (Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber and Maju Samuel) ((DhanushVignesh.Babu@thomsonreuters.com;))