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Finance

Two funds managed by UK's Foresight Group LLP to buy Harmony Energy in $278 million deal

Published by Global Banking & Finance Review

Posted on April 16, 2025

1 min read

· Last updated: April 16, 2025

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Foresight Group's $278M Acquisition of Harmony Energy

(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 in a deal that values the company at about 209.9 million pounds ($277.9 million).

In late March, British power company Drax 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The Foresight Funds said Harmony Energy has withdrawn its recommendation for the Drax offer.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) (This story has been corrected to say that the two funds are managed by Foresight Group LLP, not Foresight Group Holdings Ltd, in the headline and in paragraph 1)

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)

Key Takeaways

Foresight Group LLP's funds to acquire Harmony Energy.
Deal valued at approximately 209.9 million pounds.
Foresight's offer surpasses Drax's previous bid.
Harmony Energy withdraws recommendation for Drax offer.
Acquisition highlights growth in battery storage investments.

Frequently Asked Questions

What is the main topic?

The main topic is the acquisition of Harmony Energy by two funds managed by Foresight Group LLP for $278 million.

Why is this acquisition significant?

This acquisition is significant as it highlights the growing interest and investment in battery storage solutions within the energy sector.

Who previously attempted to acquire Harmony Energy?

British power company Drax had previously agreed on terms for acquiring Harmony Energy before Foresight Group's offer.

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