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Vivopower nasdaq Vvpr and Canadian Firm Fast to Merge in 13 Billion Deal

VivoPower (NASDAQ: VVPR) and Canadian Firm FAST to Merge in $1.13 Billion Deal

On Tuesday, VivoPower International (NASDAQ: VVPR), the power infrastructure developer, announced that it signed a non-binding agreement to merge with Canada’s Future Automotive Solutions and Technologies (FAST). The merger would create a combined company valued at $1.13 billion.

The agreement values VivoPower’s equity at $556 million and FAST at $578 million, and allows the companies an exclusive period of 90 days to reach a definitive agreement, U.K.-based VivoPower said.

Shares of VivoPower (NASDAQ: VVPR) were down 2.3% in early trading after the deal with FAST, which converts traditional internal combustion engine vehicles to run on hydrogen.

A key condition for the deal is the completion of a $904 million merger between VivoPower’s unit, Tembo E-LV, and blank check firm Cactus Acquisition, VivoPower said.

Tembo specializes in electric batteries and off-road vehicles for sectors, including mining, utilities, infrastructure, government services, and humanitarian aid.

(Source: ReutersReuters)