- VivoPower International PLC (NASDAQ: VVPR) successfully completed Phase I due diligence for a US$180 million takeover.
- Energi Holdings Limited, the acquirer, is a global energy solutions company with US$1 billion in annual revenues.
- Phase II due diligence is set to conclude by June 2, 2025, focusing on regulatory, legal, and technical matters.
VivoPower International PLC (VVPR, Financial) announced the successful completion of the first phase of due diligence for a potential US$180 million non-binding proportional takeover by Energi Holdings Limited. The initial phase, which focused on commercial, financial, and operational reviews, was completed on schedule, marking significant progress towards the acquisition.
Energi Holdings Limited, headquartered in Abu Dhabi, is a prominent player in the global energy solutions sector, reporting annual revenues of US$1 billion. The company's operations cover a vast geography, including the Middle East, Africa, South Asia, Europe, and Southeast Asia, and it is keen on expanding its portfolio with the acquisition of VivoPower.
Both VivoPower and Energi have agreed to proceed with an accelerated second phase of due diligence. This phase will delve deeper into regulatory, legal, and technical aspects, and is expected to be finalized by June 2, 2025. Despite the positive momentum, the deal remains non-binding, with further approvals and due diligence required before a binding agreement can be confirmed.
Established in 2014 and trading on Nasdaq since 2016, VivoPower is renowned for its focus on sustainable energy solutions, providing comprehensive decarbonization strategies through electric solutions for both off-road and on-road fleet applications, alongside ancillary financing and energy solutions like charging, battery, and microgrids.
