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UK’s VivoPower to combine with Canadian hydrogen technology firm in $1,13 billion deal

combine hydrogen firm

UK’s VivoPower to combine with Canadian hydrogen technology firm in $1,13 billion deal

Sept 17 (Reuters) – Power infrastructure developer VivoPower International (VVPR.O), opens new tab said on Tuesday it has signed a non-binding agreement to merge with Canada’s Future Automotive Solutions and Technologies (FAST), which would create a $1.13 billion combined company.
U.K.-based VivoPower said,
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,
Shares of VivoPower were down 2.3% in early trading after the deal with FAST, which converts traditional internal combustion engine vehicles to run on hydrogen.
VivoPower said:
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 (CCTS.O), opens new tab,
Tembo specializes in electric-battery and off-road vehicles for sectors including mining, utilities, infrastructure, government services and humanitarian aid.

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UK’s VivoPower to combine with Canadian hydrogen technology firm in $1,13 billion deal, source

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