Curated News
By: NewsRamp Editorial Staff
April 29, 2024
VivoPower Announces Sale of Australian Critical Power Business Unit
TLDR
- VivoPower enters asset sale agreement with ARA Group Limited, focusing on strategic growth businesses like Tembo, gaining competitive advantage in sustainable energy market.
- The asset sale agreement involves the sale of non-core business unit, Kenshaw Electrical, to ARA Group Limited for approximately A$5.0m, subject to final net working capital adjustments, completing on July 1, 2024.
- VivoPower's core purpose is to provide turnkey decarbonisation solutions, enabling customers to move toward net-zero carbon status, contributing to a more sustainable world.
- VivoPower, an award-winning global sustainable energy solutions B Corporation company, announces the asset sale agreement with ARA Group Limited, focusing on reinvesting in strong growth businesses like Tembo.
Impact - Why it Matters
The sale of the non-core business unit by VivoPower to ARA Group Limited demonstrates the company's commitment to focusing on its growth businesses and sustainable energy solutions. This strategic move may impact the company's future direction and offerings, as well as potentially benefit shareholders and stakeholders. Additionally, it highlights the ongoing shift towards sustainable energy solutions and the global market for such technologies.
Summary
VivoPower International PLC has entered into a definitive asset sale agreement to sell its non-core business unit, Kenshaw Electrical, to ARA Group Limited. The sale is in line with VivoPower’s strategy to focus on reinvesting in its growth businesses. VivoPower will receive approximately A$5.0m in total consideration from the sale, which is expected to complete on July 1, 2024. The company was advised on the transaction by STS Capital Partners in Singapore. VivoPower is a global sustainable energy solutions company focused on electric fleet applications, battery and microgrids, solar, and critical power technology and services.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, VivoPower Announces Sale of Australian Critical Power Business Unit
