LONDON: Harmony Energy Income Trust plc (HEIT) announced Monday that its board has agreed in principle to financial terms proposed by Foresight Group LLP for a potential acquisition of HEIT’s entire share capital.
Under the proposed agreement, HEIT shareholders would receive 84 pence per share in cash, valuing the company’s ordinary share capital at £190.8 million.
The offer represents a 29% premium to HEIT’s closing share price of 65.2 pence as of March 14, 2025, and a 76% premium compared to its share price of 47.8 pence on May 29, 2024, prior to HEIT’s announcement of its asset sale process.
Foresight, a prominent investment manager specializing in energy transition, renewables, and infrastructure, expressed its view that HEIT’s battery energy storage system portfolio aligns well with its strategic mandate and current renewable energy investments.
The HEIT Board, after careful consideration, concluded that the proposed offer delivers a superior outcome for shareholders compared to alternatives. While discussions are ongoing, the board signaled its willingness to recommend the offer if a formal agreement is reached.
HEIT has made significant progress toward selling its portfolio to a third party but views Foresight’s offer as a preferable option. Discussions to finalize the terms are underway.
The acquisition is not yet guaranteed, and further updates will be announced as developments unfold.