VVPR Stock Surges 18% Today – What Is The South Korean JV Deal About?
Synopsis
The joint venture is expected to generate about $75 million in net returns for VivoPower over three years
VivoPower International (VVPR) stock surged 18% in premarket trading on Friday after its digital asset unit, Vivo Federation, entered a joint venture with Seoul-based asset manager Lean Ventures to create an investment vehicle targeting $300 million in Ripple Labs shares.
Vivo Federation will source Ripple Labs shares for the vehicle and has secured approval to purchase an initial tranche, while negotiating further acquisitions from institutional holders. The venture is expected to generate about $75 million in net returns for VivoPower over three years, giving the company exposure to Ripple Labs’ future upside without deploying capital from its own balance sheet.
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