LDC to sell part of game developer stake

LDC to sell part of game developer stake

Funds managed by LDC are set to sell part of their stake in Wakefield-based videogame developer Team17.

Team17 is behind titles including Worms, Overcooked and The Escapists. It secured investment from private equity firm LDC in 2016.

LDC intends to sell about one third of their aggregate stake in the business. The sale will be conducted through a placing of about 7.3 million existing ordinary shares with institutional investors by means of an accelerated bookbuild. The Placing Shares represent approximately 5.5 per cent of the total issued share capital.

Following completion, LDC will retain beneficial interests in approximately 11.1 per cent in Team17.

Joh Berenberg, Gossler & Co KG is acting as sole bookrunner and placing agent in relation to the placing.

Earlier this month (March 2019), Team17 reported a pre-tax profit of £8.7m on turnover of £43.2m for the year ended 31 December 2018, covering its floatation on the London Stock Exchange.