Listed video games studio Team17 has swooped for Salford games firm Yippee Entertainment in a £1.4 million deal.
Team17, which has bases in Wakefield and Nottingham, has moved to acquire the award-winning software developer and digital publisher based in MediaCityUK.
Yippee focuses on end-to-end production and creation of third-party games alongside its own IP, which includes the millions-selling Chimpact series of games.
Yippee will work on a combination of Team17-owned, original and partners’ IP.
Team17 said the acquisition supports its growth strategy by increasing studio capacity and providing access to a new talent pool in the North West.
The studio’s talented and versatile team will continue to be run by Yippee’s CEO, Mike Delves, an industry veteran with over 30 years’ experience in senior positions at Hasbro, Acclaim and Ocean Software prior to forming Yippee in 2011.
The acquisition will 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 lock-in over a three year period from the date of the acquisition.
Team17 CEO 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.”