LONDON (ShareCast) - (Sharecast News) - Premium video games developer Team17 acquired software development firm Yippee Entertainment on Thursday for a total of £1.7m.
The AIM-listed firm said the acquisition of Yippee, which will work on a combination of Team17-owned IP, would support its growth strategy by increasing studio capacity and providing access to a new talent pool in the North West.

Team17 said the acquisition would 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 three year lock-in period.

The business will operate under Team17 as a wholly-owned subsidiary and will continue to be run by chief executive Mike Delves.

Chief executive Debbie Bestwick 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."

As of 0945 GMT, Team17 shares were up 2.37% at 383.89p.

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