Last checked at 2 Jan 2020 07:00
2 January 2020
Team17 Group plc
("Team17", the "Group" or the "Company")
Acquisition of Yippee Entertainment Limited
Team17, a global games label, creative partner and developer of independent ("indie"), premium video games, is pleased to announce the acquisition of Yippee Entertainment Limited ("Yippee") for a total consideration of circa £1.4 million ("the Acquisition").
Yippee is a multi-award-winning software developer and digital publisher based in MediaCityUK and focused on end-to-end production and creation of third-party games alongside its own IP. Yippee will work on a combination of Team17-owned, original, and Games Label partners' IP.
The Acquisition supports Team17's growth strategy by increasing studio capacity and providing access to a new talent pool in the North West. The studio's talented and versatile team will continue to be run by Yippee's Chief Executive Officer, Mike Delves, an industry veteran with over 30 years' experience in senior positions at Hasbro, Acclaim and Ocean Software prior to forming Yippee in 2011.
The Acquisition will be satisfied through a combination of £922,407 in cash and the issue of 114,000 consideration shares worth £433,200 and subject to a lock-in over a three year period from the date of the Acquisition.
The business will operate under Team17 as a wholly owned subsidiary.
Debbie Bestwick, Chief Executive Officer of Team17 Group PLC, said:
"On behalf of the Group, I'd like to extend a warm welcome to Mike and his team. 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."
Enquiries:
Team17 Group plc Debbie Bestwick MBE, Chief Executive Officer Mark Crawford, Interim Chief Financial Officer
| via Vigo Communications |
GCA Altium (Nominated Adviser) Adrian Reed / Paul Lines
| +44 (0)845 505 4343 |
Berenberg (Broker) Chris Bowman / Toby Flaux / Marie-Agnes Stolberg
| +44 (0)20 3207 7800 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Fiona Henson / Charlie Neish team17@vigocomms.com | +44 (0)20 7390 0233 |
About Team17
Founded in 1990, Team17 Group plc is a leading international premium video games label and creative partner for independent developers. The portfolio comprises over 100 games, including The Escapists, Genesis Alpha One, My Time at Portia, Overcooked, Yoku's Island Express, Yooka-Laylee, the Worms franchise and many more from developers around the world. Visit www.team17.com for more info.