Michael Pattison, CEO at Team17 Games Label commented: “We are delighted to be announcing the acquisition of the Hell Let Loose IP.
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HLL was released for PlayStation 5 and Xbox Series X/S on 5 October 2021.
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The game allows players to fight in iconic battles of the Western and Eastern Fronts of World War 2 and was initially released for Microsoft Windows as an early access title on 6 June 2019, with a full release in July 2021. HLL was created by developer Black Matter and is co-developed and published across multiple platforms by Team17. Hell Let Loose (HLL) is a multiplayer tactical first-person shooter video game which already has over six million owners and a highly engaged community. The acquisition of the HLL IP will be margin enhancing to the Group and is expected to deliver earnings accretion in the first full year of ownership. This new label will utilise dedicated funds providing a specific focus to source the best core-gaming content across the globe whilst further enhancing the breadth and depth of Team 17’s overall portfolio.
Hell Let Loose (HLL) will be the first signing under a new core gaming label to be created under the Group. It will enable Team17 to create additional opportunities to extend the lifecycle of the existing game, including further downloadable content and ongoing support as well as exploring potential sequels and other commercial opportunities for the HLL IP to drive the longer-term growth and value of the HLL franchise. The Acquisition supports Team17 to further expand its owned IP and franchise footprint. Hell Let Loose (HLL) is an existing Team17 Games Label third-party title, and as a result of the Acquisition will become part of the label’s 1st party portfolio. Subject to meeting revenue performance targets over the next two years, an additional £5 million, rising to a maximum of £15 million, satisfied in cash, will become payable.Ī separate development contract has been agreed to cover the transitional period over the next 18 months which includes delivery of services and significant content to support the next stage of growth in terms of revenue and IP value for the HLL franchise. The acquisition’s initial consideration will be satisfied through a combination of million in cash from existing reserves and the issue of 1,531,780 consideration shares, valued at £11.25 million, based on an issue price of 734.44 pence which are subject to a lock-in period of 12 months from the date of the Acquisition. Team17 is a global games entertainment label, creative partner and developer of independent premium video games and developer of educational entertainment.
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LONDON, UK: Team17 has acquired all rights and assets of Hell Let Loose (HLL), an existing 3rd party title to 1st party family for an initial consideration of £31 million plus a contingent earn out consideration of up to a maximum of £15 million.
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