Law firm Addleshaw Goddard has advised global games label Team17 on a series of acquisitions that enhance the company's portfolio in high-growth gaming markets.
The latest deal saw Team17 acquire the business and assets of sophisticated 'working' simulation games company astragon Entertainment GmbH, based in Germany, for a maximum cash consideration of €100 million. astragon’s well known games, such as Firefighting Simulator, Police Simulator, Bus Simulator and Construction Simulator, focus on non-violent cooperative gameplay with very detailed, technical, and realistic environments across PC, Console and Mobile gameplay. The acquisition is being funded by a placing of new ordinary shares in the company.
The AG team advising on the acquisition was led by Partners Adam Hastings (UK) and Hubertus Schröder (Germany), supported by Natalia Ilyevich, Rebecca Sabin and Harrison Easley. Adam Hastings was supported on the placing by Edward Ainscoe and Guan Xian Loh.
The deal follows quickly on the heels of two acquisitions on which AG also advised, which were completed in the first week of 2022. Team17 acquired USA-based indie games publisher The Label for consideration of up to US$40 million, expanding the business into subscription-based gaming. The company also acquired the rights and assets of Hell Let Loose, an existing third party title, for a maximum consideration of £46 million. The AG deal teams on those transactions were also led by Adam Hastings, supported by Victoria Kierans and Jack Irwin on the acquisition of The Label, and Edward Ainscoe on the acquisition of Hell Let Loose.
Adam Hastings said: "We have had a longstanding relationship with Team17 and I am delighted that we have been able to support them on these transactions, which have the potential to be transformative in what is such an exciting industry. It is a credit to the Team17 leadership team that they were able to successfully complete three very different and complex acquisitions, and a substantial equity fundraising, in quick succession, and it was a pleasure for us to work with them again."
Debbie Bestwick MBE, CEO of Team17 Group, said: "As a group we aim to curate, build and develop then publish great content for the widest audience possible and these acquisitions enlarge the Group’s offer to reach an even wider range of people of all ages and gaming tastes. The support of Adam and the team at Addleshaw Goddard has been invaluable in helping us to realise the ambitions of the Team17 family."