Harmony Energy Income Trust (HEIT) has agreed to a £190.8m takeover by investment manager, Foresight.

The investment firm has experience in investing in energy transition, renewables and infrastructure projects, with knowledge of the UK battery storage assets market.

The deal will see Foresight pay 84 pence per share, which represents a 29% premium on HEIT’s closing share price on 14 March.

HEIT said that Foresight recognises its "leading platform and considers HEIT’s battery energy storage system portfolio to be highly complimentary" to its strategic mandate and existing investments.

In a statement, HEIT said: "The company has made substantial progress through its ongoing asset sale process towards the conclusion of a definitive agreement to sell its entire portfolio to a third party.

"However, having carefully considered the possible cash offer with its advisers, the HEIT board has concluded that the possible cash offer, on balance, delivers a superior outcome for shareholders.

"As a result, the HEIT board has indicated to Foresight that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to HEIT shareholders, subject to the agreement of the other terms of the offer. Accordingly, the HEIT board is engaging in discussions with Foresight to finalise those terms."

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