Drax Group's (LSE:DRX) takeover of Bluefield Solar Income Fund (BSIF) has cleared its final regulatory hurdle after the UK government confirmed it will take no further action under the National Security and Investment Act 2021.
The clearance satisfies the last outstanding condition attached to the scheme of arrangement through which Drax Smart Generation Holdco, a wholly-owned Drax subsidiary, is acquiring the entire issued share capital of BSIF, a Guernsey-incorporated solar income fund.
Shareholders had already backed the deal, with BSIF confirming on 24 July that the required majorities approved the scheme at the Court Meeting and the special resolution at the General Meeting.
With that vote and now the national security clearance in hand, the acquisition awaits only sanction from the Guernsey court, at which point it is expected to take effect.
Drax said the scheme is currently expected to become effective on 31 July.
News Intelligence what this means for the company
Drax has cleared the final regulatory gate for its £X acquisition of Bluefield Solar Income Fund after UK national security approval on 30 July. The deal now awaits only Guernsey court sanction, expected to complete on 31 July, removing the last material uncertainty that has hung over the transaction since shareholder approval on 24 July.
Completion of the BSIF acquisition removes a regulatory overhang and adds a contracted solar income stream to Drax's portfolio, complementing its existing thermal, hydro, and OCGT development pipeline. The deal's closure does not materially alter Drax's strategic positioning but eliminates execution risk on a transaction already approved by shareholders.
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