SYDNEY, AUSTRALIA: Vmoto Limited’s wholly owned subsidiary, Vmoto Soco France sas (VSF), has agreed with the administrator to acquire the business and certain assets of its exclusive French distributor, Mujoo France for total cash consideration of approximately €195k (A$325k).
The final sale and purchase agreement is expected to be completed in October 2023. The acquisition will be funded from the Company’s existing cash reserves.
Vmoto’s Managing Director, Mr Charles Chen, said, “France is on importont and large market for electric motorcycle/moped products ond this acquisition provides the Company with direct access to over 40 active 82C dealers in France.
This also represents o strategic opportunity to purchase the Distributor’s business and certain assets at o discounted price, coinciding with the Company’s growth strategy in Europe and across the globe. The Company is also able to provide better operational support to local dealers, by improving our local presence, strengthening our relationship with the dealers and accelerating sales in the French market.”