Sumo Group PLC - Sheffield-based video game creator - Completes acquisition of Lake Street Labs Buyer Corp, the owner of Pipeworks Inc. The purchase of the US video games developer for up to USD99.5 million was announced in September. Sumo says the initial consideration of USD59.5 million will be satisfied by the payment of USD35 million in cash from the its existing cash resources and USD24.5 million through the issue of new shares.
Sumo CEO Carl Cavers says: "Pipeworks is an exciting addition to the group and we welcome Lindsay Gupton, the CEO of Pipeworks, and his team to Sumo Group. We have already started to explore specific opportunities with clients and we look forward to creating great games together."
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By Paul McGowan; paulmcgowan@alliancenews.com
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