LDC SELLS FURTHER STAKE IN TEAM 17

LDC has sold part of its stake in listed video developer Team17, raising about £19.2m.

Team17 is behind titles including Worms, Overcooked and The Escapists and was initially backed by the private equity firm in 2016. It floated on the London Stock Exchange in May 2018.

Funds managed by LDC have now sold six million ordinary shares in the company at a price of 320 pence per share through an accelerated bookbuild.

The number of shares was increased from the originally proposed five million due to strong investor demand. It represents about 4.6 per cent of Team17s' issued share capital.

LDC will continue to hold 8.6 million ordinary shares in Team17, representing about 6.5 per cent of its share capital.

Joh Berenberg, Gossler & Co acted as sole bookrunner for LDC in connection with the placing.

LDC previous sold 7.3 million shares in Team17 in March.

Team17 is headquartered in Wakefield with a commercial office in Nottingham.