India, June 3 -- VivoPower International Plc (VVPR), an electric service provider, announced on Tuesday that Energi Holdings Ltd. has advised the completion of the second phase of due diligence to buy subsidiary, Tembo e-LV B.V., for $200 million.
Tembo, a subsidiary of VivoPower, is a specialist battery-electric and off-road vehicle company, while the UAE-based Energi is an energy solutions company.
The companies have now agreed to work towards negotiating binding transaction with a view to early closing. The parties have also agreed to close the Tembo merger with Cactus Acquisition Corporation Ltd. with an intention to complete a separate public listing of Tembo.
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