Volt Power Group Limited (ASX:VPR) entered into a binding agreements to acquire 50% stake in EcoQuip Australia Pty Ltd from David Sharp for AUD 1.3 million on December 18, 2017. Under the terms, Volt Power Group will issue 50 million shares (consideration shares) and pay AUD 1 million to EcoQuip Australia in consideration for the subscription of new EcoQuip Australia shares. In a related transaction, Volt Power Group Limited entered into a binding sale and purchase agreement to acquire Wescone Distribution Pty Ltd for AUD 5 million. Founder of EcoQuip Australia Pty Ltd David Sharp, will continue as General Manager of EcoQuip Australia Pty Ltd and the composition of the Board of Volt Power Group will not change as a result of the transaction. Volt Power Group shareholder approval is not required for the transaction and the completion of the transaction is expected to occur on or around December 22, 2017.