Two funds managed by UK-based investment manager Foresight Group LLP announced on Wednesday that they have agreed to acquire Harmony Energy Income Trust (LSE: HEIT) in a deal valuing the battery storage investment firm at approximately £209.9 million ($277.9 million).
The acquisition represents a strategic move into the growing energy storage sector, which plays a critical role in supporting renewable energy adoption and grid resilience across the UK.
The transaction comes after Drax Group (LSE: DRX), a British power generation company, had also expressed interest in acquiring Harmony Energy. In late March, Drax said it had agreed in principle to a possible takeover at a valuation of £199.9 million, nearly £10 million lower than the current offer from Foresight’s funds.
However, following Foresight’s superior bid, Harmony Energy has now withdrawn its previous recommendation in favor of the Drax offer, signaling a shift in alignment with the higher-value proposal.
At the current exchange rate of $1 = £0.7552, the deal amounts to $277.9 million, underscoring the growing investor appetite for infrastructure and energy transition assets in the UK.
The deal is subject to shareholder and regulatory approvals.
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