TEAM 17 ACQUIRES MEDIACITY-BASED DEVELOPER

Listed game developer Team17 has acquired a counterpart based at MediaCityUK for about £1.4m.

Yippee Entertainment is a software developer and digital publisher focused on end-to-end production and creation of third-party games alongside its own IP.

The acquired business will operate as a wholly owned subsidiary of Wakeffield-based Team17. It will work on a combination of Team17-owned, original, and games label partners' IP.

The company will continue to be led by chief executive Mike Delves, who has more than 30 years' experience in senior positions at Hasbro, Acclaim and Ocean Software, prior to forming Yippee in 2011.

The purchase price comprises £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.

Debbie Bestwick, chief executive of Team17 Group, 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."

GCA Altium is the nominated adviser to Team17 and Berenberg the broker.