TVC Holdings plc, the investment holding company, today (Friday, 7 February 2014) announced that it had completed the sale of its interest in Shenick Network Systems Limited ("Shenick") as part of the acquisition of Shenick by a wholly owned subsidiary of Aeroflex Holding Corp. (NRSE:ARX).
Shenick deliver IP test and measurement solutions for today's virtualised and physical network infrastructure.
The total cash proceeds payable to TVC amount to US$8.6 million (€6.4 million) of which US$1.7 million (€1.2 million) is payable subject to escrow. The total consideration payable to TVC, including escrow, represents a return of 2.4 times the valuation of its investment at 30 September 2013, as reported in TVC's Interim Financial Results to that date.
TVC Holdings plc
Shane Reihill, Executive Chairman
John Tracey, Chief Executive Officer
Tel: +353-1-205 7700
Tel: +353-1-679 6363
Tel: +353-1-498 0300