VivoPower Moves Closer To Divest Tembo For $200 Mln To Energi Holdings

(RTTNews) - VivoPower International Plc (VVPR), an electric service provider, announced on Tuesday that Energi Holdings Ltd. has advised the completion of the second phase of due diligence to buy subsidiary, Tembo e-LV B.V., for $200 million.

Tembo, a subsidiary of VivoPower, is a specialist battery-electric and off-road vehicle company, while the UAE-based Energi is an energy solutions company.

The companies have now agreed to work towards negotiating binding transaction with a view to early closing. The parties have also agreed to close the Tembo merger with Cactus Acquisition Corporation Ltd. with an intention to complete a separate public listing of Tembo.

As announced earlier, the VivoPower will evaluate the optimal use of investment proceeds, which may include the return of capital to the shareholders.