VivoPower Receives Revised US$200 Million Enterprise Value Non-Binding Proposal from Energi Holdings For 51% Direct Acquisition of Tembo e-LV
VivoPower (NASDAQ: VVPR) has received a revised non-binding proposal from Energi Holdings to acquire a 51% controlling stake in its subsidiary, Tembo e-LV. The proposal values Tembo at a total enterprise value of US$200 million, an increase from the previous offer of US$180 million for 80% of VivoPower's non-affiliated shares.
Energi supports Tembo's planned business combination with Cactus Acquisition Corp 1 Limited (CCTS) at an equity valuation of US$838 million. If the deal proceeds, Energi would roll its 51% stake into the combined entity, while VivoPower would retain a significant shareholding. The company plans to use net proceeds primarily for debt retirement, with potential surplus funds being returned to shareholders.
The proposal remains subject to due diligence, definitive legal documentation, board approval, and shareholder approvals.VivoPower (NASDAQ: VVPR) ha ricevuto una proposta non vincolante rivista da parte di Energi Holdings per acquisire una quota di controllo del 51% nella sua controllata, Tembo e-LV. La proposta valuta Tembo con un valore d'impresa totale di 200 milioni di dollari USA, un aumento rispetto all'offerta precedente di 180 milioni di dollari per l'80% delle azioni non affiliate di VivoPower.
Energi sostiene la prevista fusione d'affari di Tembo con Cactus Acquisition Corp 1 Limited (CCTS) a una valutazione azionaria di 838 milioni di dollari USA. Se l'accordo andrà avanti, Energi conferirebbe la sua partecipazione del 51% nella nuova entità combinata, mentre VivoPower manterrebbe una quota significativa. La società prevede di utilizzare i proventi netti principalmente per il rimborso del debito, con eventuali fondi residui che potrebbero essere restituiti agli azionisti.
La proposta rimane soggetta a due diligence, documentazione legale definitiva, approvazione del consiglio di amministrazione e degli azionisti.
VivoPower (NASDAQ: VVPR) ha recibido una propuesta no vinculante revisada de Energi Holdings para adquirir una participación mayoritaria del 51% en su subsidiaria, Tembo e-LV. La propuesta valora a Tembo en un valor empresarial total de 200 millones de dólares estadounidenses, un aumento respecto a la oferta anterior de 180 millones de dólares por el 80% de las acciones no afiliadas de VivoPower.
Energi apoya la combinación de negocios planificada de Tembo con Cactus Acquisition Corp 1 Limited (CCTS) a una valoración de capital de 838 millones de dólares estadounidenses. Si el acuerdo procede, Energi aportaría su participación del 51% a la entidad combinada, mientras que VivoPower conservaría una participación significativa. La empresa planea utilizar los ingresos netos principalmente para la amortización de deuda, con posibles fondos excedentes que se devolverían a los accionistas.
La propuesta está sujeta a la debida diligencia, documentación legal definitiva, aprobación del consejo y de los accionistas.
VivoPower (NASDAQ: VVPR)는 자회사 Tembo e-LV의 51% 지배 지분 인수를 위한 Energi Holdings의 수정된 비구속 제안을 받았습니다. 이번 제안은 Tembo의 기업가치를 총 2억 달러로 평가하며, 이는 이전에 VivoPower의 비계열 주식 80%에 대해 제시된 1억 8천만 달러 제안보다 증가한 금액입니다.
Energi는 Tembo가 Cactus Acquisition Corp 1 Limited (CCTS)와 계획 중인 사업 결합을 주식 가치 기준 8억 3,800만 달러로 지지합니다. 거래가 진행되면 Energi는 51% 지분을 합병된 법인에 출자하고, VivoPower는 상당한 지분을 유지할 예정입니다. 회사는 순수익을 주로 부채 상환에 사용할 계획이며, 잉여 자금은 주주들에게 환원될 수 있습니다.
이 제안은 실사, 최종 법적 문서, 이사회 승인 및 주주 승인을 조건으로 합니다.
VivoPower (NASDAQ : VVPR) a reçu une proposition non contraignante révisée de la part de Energi Holdings visant à acquérir une participation majoritaire de 51% dans sa filiale Tembo e-LV. La proposition valorise Tembo à une valeur d'entreprise totale de 200 millions de dollars US, en hausse par rapport à l'offre précédente de 180 millions de dollars pour 80% des actions non affiliées de VivoPower.
Energi soutient la fusion d'entreprise prévue entre Tembo et Cactus Acquisition Corp 1 Limited (CCTS) avec une valorisation en actions de 838 millions de dollars US. Si la transaction aboutit, Energi apportera sa participation de 51% à l'entité combinée, tandis que VivoPower conservera une part importante. La société prévoit d'utiliser principalement le produit net pour le remboursement de la dette, avec un éventuel excédent pouvant être redistribué aux actionnaires.
La proposition reste soumise à une due diligence, à la documentation juridique définitive, à l'approbation du conseil d'administration et des actionnaires.
VivoPower (NASDAQ: VVPR) hat ein überarbeitetes unverbindliches Angebot von Energi Holdings erhalten, um eine 51%ige Mehrheitsbeteiligung an seiner Tochtergesellschaft Tembo e-LV zu erwerben. Das Angebot bewertet Tembo mit einem Unternehmenswert von insgesamt 200 Millionen US-Dollar, eine Steigerung gegenüber dem vorherigen Angebot von 180 Millionen US-Dollar für 80% der nicht verbundenen Aktien von VivoPower.
Energi unterstützt die geplante Unternehmenszusammenführung von Tembo mit Cactus Acquisition Corp 1 Limited (CCTS) bei einer Eigenkapitalbewertung von 838 Millionen US-Dollar. Sollte der Deal zustande kommen, würde Energi seine 51%-Beteiligung in das kombinierte Unternehmen einbringen, während VivoPower eine bedeutende Beteiligung behält. Das Unternehmen plant, die Nettoerlöse hauptsächlich zur Schuldentilgung zu verwenden, wobei überschüssige Mittel möglicherweise an die Aktionäre zurückgegeben werden.
Das Angebot steht unter dem Vorbehalt einer Due Diligence, endgültiger rechtlicher Dokumentation sowie der Zustimmung von Vorstand und Aktionären.
- Increased enterprise value offer of US$200M for 51% stake versus previous US$180M for 80%
- Energi's support for Tembo's business combination with CCTS at US$838M equity valuation
- VivoPower to retain significant shareholding post-transaction
- Proceeds to be used for debt retirement, potentially improving company's financial position
- Proposal is non-binding and subject to multiple conditions
- VivoPower would lose majority control of Tembo subsidiary
- Final purchase price subject to net debt and other adjustments at closing
Insights
Energi's revised proposal for 51% of Tembo at $200M enterprise value represents a strategic shift from their previous offer for VivoPower shares.
Energi Holdings has revised its acquisition strategy regarding VivoPower's electric vehicle subsidiary Tembo. Rather than pursuing 80% of VivoPower's non-affiliated shares at a $180 million valuation, Energi now proposes directly acquiring 51% of Tembo at an enterprise value of $200 million. This structural change represents a significant pivot in transaction approach.
The new proposal values 100% of Tembo at $200 million, with the actual purchase price for the 51% stake to be determined after adjusting for Tembo's net debt and other customary factors. Importantly, Energi continues to support Tembo's planned business combination with Cactus Acquisition Corp 1 Limited (CCTS), which values Tembo at a substantially higher $838 million equity valuation.
This deal structure suggests Energi sees greater strategic value in directly controlling Tembo while avoiding the complexity of acquiring VivoPower itself. The transaction would leave VivoPower with a significant minority stake in Tembo post-SPAC merger. VivoPower has indicated that proceeds from this potential transaction would prioritize debt retirement, with potential return of surplus capital to shareholders.
However, investors should note the preliminary nature of this proposal - it remains non-binding and contingent on due diligence, definitive agreements, board approval, and potentially shareholder votes. The significant valuation gap between the $200 million enterprise value in the Energi proposal and the $838 million equity valuation in the CCTS deal raises questions about future value creation and potential dilution that warrant careful scrutiny.
Revised enterprise value of US
Energi will support Tembo’s business combination with Cactus Acquisition Corp 1 Limited at an equity valuation of US
LONDON, May 29, 2025 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ: VVPR) (“VivoPower” or the “Company”) today announced it has received a revised non-binding proposal from Energi Holdings Limited (“Energi”) for a direct strategic acquisition of VivoPower’s subsidiary, Tembo e-LV B.V. (“Tembo”). This follows the announcement by VivoPower on 28 May 2025 in relation to its strategic capital raising and digital asset treasury strategy.
The revised proposal from Energi outlines an intention to acquire a
Energi has expressed its continued support for Tembo’s planned business combination with Cactus Acquisition Corp. 1 Limited (“CCTS”). Energi has indicated its preparedness to work constructively with VivoPower and Tembo to structure its investment to facilitate the successful completion of the business combination, envisioning rolling its
The Company is committed to optimizing its capital structure and delivering value to its shareholders. In line with this commitment, net proceeds received from strategic transactions, such as the potential partial sale of its interest in Tembo as contemplated by the Energi proposal, would be prioritized for uses including the retirement of debt. The VivoPower board of directors will continuously evaluate the best use of capital, including the potential return of any surplus funds thereafter to shareholders.
The revised proposal from Energi is non-binding and indicative. VivoPower is evaluating the proposal. It is subject to several conditions, including the satisfactory completion of due diligence by Energi, the negotiation and execution of mutually acceptable definitive legal documentation, approval from the VivoPower board of directors and any required VivoPower shareholder approvals.
There can be no assurance that any definitive agreement will be reached with Energi or that the proposed transaction will be consummated on the terms described, or at all. VivoPower does not intend to make any further announcements regarding this proposal unless and until it determines that further disclosure is appropriate or required.
About VivoPower International PLC
VivoPower International PLC (NASDAQ: VVPR) is undergoing a strategic transformation into the world’s first XRP-focused digital asset enterprise. The Company’s new direction centers on the acquisition, management, and long-term holding of XRP digital assets as part of a diversified digital treasury strategy. Through this shift, VivoPower aims to contribute to the growth and utility of the XRP Ledger (XRPL) by supporting decentralized finance (DeFi) infrastructure and real-world blockchain applications.
Originally founded in 2014 and listed on Nasdaq since 2016, VivoPower operates with a global footprint spanning the United Kingdom, Australia, North America, Europe, the Middle East, and Southeast Asia. An award-winning global sustainable energy solutions B Corporation, VivoPower has two business units, Tembo and Caret Digital. Tembo is focused on electric solutions for off-road and on-road customized and ruggedized fleet applications as well as ancillary financing, charging, battery and microgrids solutions. Caret Digital is a power-to-x business focused on the highest and best use cases for renewable power, including digital asset mining.
About Tembo e-LV B.V.
Tembo e-LV B.V. ("Tembo") is a subsidiary of VivoPower. Tembo is a specialist battery-electric and off-road vehicle company that designs and delivers ruggedized light electric vehicle solutions for fleet owners across various industrial sectors, including mining, agriculture, energy utilities, defense, police, government, and humanitarian aid. Tembo’s core purpose is to provide safe and reliable electrification solutions for utility vehicle fleet owners globally.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s evaluation of the revised proposal from Energi, the potential terms and consummation of such a transaction, the Company's strategic initiatives, including the Tembo SPAC merger and the transformation into an XRP-focused digital asset treasury, the potential use of proceeds from strategic transactions, and the potential return of surplus funds to shareholders. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) and its subsequent SEC filings, as amended or supplemented from time to time. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
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FAQ
What is the new offer value for VivoPower's Tembo subsidiary from Energi Holdings?
How does the new VVPR acquisition offer compare to the previous one?
What is the planned business combination value for Tembo and CCTS?
How will VivoPower use the proceeds from the potential Tembo sale?
What conditions must be met for the VVPR-Energi deal to close?
