Foresight Group LLP has agreed financial terms with Harmony Energy Income Trust (HEIT) over a potential acquisition of the investment trust’s portfolio.
HEIT shareholders will receive 84p per share if the deal completes, which values the company at £190.8m. This represents a 29% premium to its closing share price of 65.2p at the end of last week (14 March).
Foresight Group said that HEIT’s battery energy storage system portfolio would be “highly complementary” with Foresight’s existing investments in renewable energy and storage.
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The offer comes at a 76% premium to the HEIT share price on 29 May, the day before it announced an asset sale process.
The HEIT board has said that, should a firm offer be made, it delivers a “superior outcome” compared to the asset sales.