(Alliance News) - Video games developer Team17 Group PLC on Thursday said it has acquired UK peer Yippee Entertainment Ltd for GBP1.4 million.
The amount will be paid through a combination of GBP922,407 in cash and the issue of 114,000 Team17 shares worth GBP433,200.
Shares in Team17 were 2.4% higher at 383.89 pence per share on Thursday morning in London.
Yippee Entertainment will continue to be run by its chief executive, Mike Delves, but will operate under Team17 as a wholly owned subsidiary, based at MediaCityUK in Salford near Manchester. Team17 itself is based in Wakefield, West Yorkshire.
Yippee produces video games both for third parties and under its own name.
"MediaCityUK is a wonderful location for our second UK studio and the acquisition of Yippee allows us to accelerate our recruitment plans in the North West", said Debbie Bestwick, chief executive of Team17.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Team17 (TM17)