VIVOPOWER ANNOUNCES SALE OF AUSTRALIAN CRITICAL POWER BUSINESS UNIT
–News Direct–
VivoPower International PLC (Nasdaq: VVPR, "VivoPower or the "Company) is pleased to announce that it has entered into a definitive asset sale agreement for the sale of one of its non-core business units, Kenshaw Electrical (Kenshaw), to ARA Group Limited (ARA), a leading diversified industrial services group based in Australia. This is in line with VivoPowers previously announced strategy to focus on reinvesting in its strong growth businesses including Tembo.
Pursuant to the terms of the asset sale agreement, VivoPower will receive approximately A$5.0m in total consideration, subject to final net working capital adjustments.
The asset sale agreement is subject to customary conditions and is expected to complete on July 1, 2024.
VivoPower was advised on this transaction by STS Capital Partners in Singapore.
About VivoPower
VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customised and ruggedised fleet applications, battery and microgrids, solar and critical power technology and services. The Companys core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel in Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
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VivoPower International PLC
COMTEX_451596475/2655/2024-04-29T07:32:50
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