Amber, a vehicle of infrastructure fund I Squared Capital Advisors and TDR Capital, submitted the highest bid for Spain's Applus+, the Spanish regulator CNMV said Friday, valuing the industrial testing company at €1.65 billion ($1.77 billion).

Takeover funds Apollo and Amber submitted takeover bids last summer, triggering a bidding war.

Amber offered €12.78 per share, beating the €12.51 offered by Apollo's Manzana Bidco.

Applus shares were up 10.5% after resuming trading after being suspended shortly before the bid values were revealed.

The company's board of directors announced this month that it was in favor of Amber's offer.

(1 US dollar = 0.9329 euros)

(Reporting by Joao Manuel Mauricio in Gdansk; edited by Emma Pinedo; edited in Spanish by Javi West Larrañaga)