TVC Holdings plc, a publicly quoted investment holding company, today (17 September 2007) announced that it has agreed to sell its interest in Telekinesys Research Limited (trading as ‘Havok’) as part of the sale of Havok to Intel Corporation (INTC). Intel has signed a definitive agreement to acquire the entire share capital of Havok in a cash transaction valued at approximately US$110 million, subject to certain completion conditions. It is expected that the deal will close within 5 days.
Havok provides middleware and interactive animation software and services for digital media creators in the games and movie industries, and is the market leader in the field of in-game physics.This is TVC Holdings’ first realisation following its successful Euro 50 million placing and listing on the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange in July 2007. Under the terms of the deal, TVC Holdings will receive a total cash consideration of approximately US$21m, US$17m which will be paid on completion of the deal, plus an additional US$4m, which is subject to an escrow and payable over the next 12 to 18 months. The total consideration payable to TVC Holdings represents a return of over twice the valuation of its investment at 31 May 2007, the valuation date included in TVC Holdings’ July 2007 Admission Document. The proceeds generated by this deal will be used to pursue TVC Holdings’ investment strategy in its existing portfolio of companies and fund new investment opportunities across a range of business sectors.
Speaking today on the sale of its interest in Havok, Shane Reihill, Executive Chairman of TVC Holdings, said:
“We are pleased to announce this deal, which is a successful exit at a fair price. The sale demonstrates TVC Holdings’ proven ability to deliver successful exits on our existing portfolio of investments.”
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