Drax Group (LON:DRX) Chief Executive Will Gardiner said the company’s recommended all-cash offer to acquire Bluefield Solar Income Fund would significantly expand Drax’s U.K. renewables business and broaden its generation portfolio, while prompting a pause in its current share buyback program pending completion.
Speaking on a call after the company issued an RNS, Gardiner said Drax had agreed a proposed acquisition of Bluefield Solar Income Fund, or BSIF, for approximately £561 million. The transaction remains subject to approval by BSIF shareholders and other regulatory conditions. The shareholder vote requires 75% of votes cast to be in favor, and a scheme document is expected to be posted to BSIF shareholders within 28 days of the meeting. Drax expects the acquisition to become effective during the third quarter of this year.
