LONDON (Thomson Financial) - TVC Holdings PLC said it has agreed to sell its stake in Telekinesys Research Ltd, which trades as Havok, to Intel Corp for up to 21 mln usd cash.
Intel agreed to buy 100 pct of animation software company Havok for about 110 mln usd cash, in a deal expected to close within 5 days.
TVC, which listed on AIM and the IEX market of the Irish Stock Exchange in July this year, said it will receive 17 mln usd on completion of the deal, plus an additional 4 mln over the next 12-18 months.
It added that this represents a return of over twice the valuation of its investment at May 31 2007.
The proceeds will be used to invest in existing and new portfolio companies, TVC said. TFN.email@example.com jro/ejp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.