(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The Foresight Funds said Harmony Energy has withdrawn its recommendation for the Drax offer.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)
