VivoPower International PLC announced on June 3, 2025, that Energi Holdings Limited has completed the second phase of due diligence in connection with the previously disclosed Tembo proportional acquisition. Energi proposes to acquire 51% of Tembo based on a total enterprise value of US$200 million.
Both parties have now agreed to work towards negotiating binding transaction documents with a view to an early closing. Energi, an Abu Dhabi-headquartered global energy solutions company with US$1 billion in annual revenues, continues to support Tembo’s business combination with Cactus Acquisition Corp. 1 Ltd (CCTSF) for a separate public listing.
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. This progress indicates a strong likelihood of the transaction moving forward, potentially unlocking significant value.
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