Trinity Venture Capital (TVC) has announced it will sell its stake in Telekinesys Research to Intel for over €15 million ($21 million).
Intel agreed to buy 100 per cent of the animation software company Havok, the name that Telekinesys trades under, for about €79.2 million cash in a deal expected to close within five days.
TVC, which listed on AIM and the IEX market of the Irish Stock Exchange in July this year, said it will receive $17 million on completion of the deal, plus an additional $4 million over the next 12-18 months.
It added that this represents a return of over twice the valuation of its investment at May 31st, 2007.
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The proceeds will be used to invest in existing and new portfolio companies, TVC said.