Team17 PLC - Wakefield, England-based video game development company and publisher of educational entertainment apps - Says wholly-owned subsidiary Astragon Entertainment GmbH acquires German development studio, Independent Arts Software GmbH. The acquisition is a "strategic investment" and consideration will be funded from existing cash reserves, with the consideration not disclosed. It is not expected to impact revenue or adjusted earnings before interest, taxes, depreciation, and amortisation.
Chief Executive Officer Debbie Bestwick comments: "This is an important opportunity for the Astragon team to accelerate its pipeline of new intellectual property and add experienced, fully owned development capability to its operational footprint."
Current stock price: 362.50 pence, up 5.1% on Friday in London
12-month change: down 18%
By Sabrina Penty; Alliance News reporter
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Team17 (TM17)