Team17 shares heat up on purchase news

The price of shares in AIM-listed games developer Team17 (LON:TM17) climbed by 3.07% to 386.50p (as of 13:40 GMT) after it announced the acquisition of a games studio for a total consideration of £1.4 million. Management said that the purchase was in line with their current strategy of increasing capacity and extending their access to the talent pool in the North West. Of the £1.4 million consideration, £0.9 million is payable in cash.

CEO Debbie Bestwick commented: “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“.