VivoPower International PLC announced on May 29, 2025, that it has received a revised non-binding proposal from Energi Holdings Limited for a direct strategic acquisition of a 51% controlling stake in its subsidiary, Tembo e-LV B.V. This revised proposal values 100% of Tembo at a total enterprise value of US$200 million, an increase from the previous US$180 million offer for 80% of VivoPower's non-affiliated shares.
Energi has expressed continued support for Tembo’s planned business combination with Cactus Acquisition Corp. 1 Limited (CCTS), which has an equity valuation of US$838 million. Energi intends to structure its investment to facilitate the successful completion of the business combination, envisioning rolling its 51% stake into the combined entity.
Net proceeds from this potential partial sale of Tembo would be prioritized for debt retirement, aligning with VivoPower's commitment to optimizing its capital structure. The VivoPower board will continuously evaluate the best use of capital, including the potential return of any surplus funds to shareholders.
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