TVC: Havok Acquisition Cost Intel $110 Million

Following Friday's announcement that chip giant Intel was acquiring major gaming tools company Havok, Irish investment company TVC Holdings has revealed that the acquisition was made by a cash transaction valued at approximately $110 million. TVC Holdings revealed the sum when announcing it will sell its interest in Havok to Intel as part of the acquisition. The deal is expected to close within five days. Under the terms of the deal, TVC Holdings will receive a total cash consideration of approximately $21 million, $17 million of which which will be paid on completion of the deal, plus an additional $4 million subject to an escrow and payable over the next 12 to 18 months. Havok was founded in 1998 in Dublin, Ireland, and has operations in San Francisco, San Antonio, Stockholm, Calcutta, Munich and Tokyo. The company will be a wholly owned Intel subsidiary and continue to operate as an independent business working with its customers in developing digital media content. At the time of the announcement, Intel vice president and general manager of the Software and Solutions Group Rene J. James said, "Havok is a proven leader in physics technology for gaming and digital content, and will become a key element of Intel's visual computing and graphics efforts. Havok will operate its business as usual, which will allow them to continue developing products that are offered across all platforms in the industry."