VivoPower International (VVPR) announced that Energi Holdings has advised the Company of the completion of the second phase of due diligence in connection with the previously disclosed Tembo proportional acquisition at a total enterprise value of $200M. Energi, headquartered in Abu Dhabi, is a global energy solutions company with $1B in annual revenues and operations spanning the Middle East, Africa, South Asia, Europe, and Southeast Asia. Consequently, both parties now agree to work towards negotiating a final transaction structure and binding transaction documents with a view to an early closing. In addition, the parties have agreed that completion of the Tembo merger with Cactus Acquisition Corp. 1 Ltd (CCTS) with the intention to complete a separate public listing of Tembo is in the best interests of both parties. In accordance with previous announcements, the VivoPower board will concurrently evaluate the optimal use of investment proceeds, which may include the return of capital or the payment of a special dividend to shareholders.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on VVPR:
Disclaimer & DisclosureReport an Issue
