16th Feb 2015 07:41
LONDON (Alliance News) - Playtech PLC on Monday said it has struck a deal to buy UK-based Yoyo Games Ltd for USD16.4 million in cash.
The FTSE 250-listed gaming software company said Dundee-based Yoyo runs Game Maker: Studio, a mobile-driven cross-platform casual game development technology. The technology allows game developers to use a single programming code and publish their games across a range of platforms.
Playtech will fund the deal from its existing cash balances. It said 30% of the USD16.4 million consideration will be held in escrow for up to 36 months to provide security in respect of claims following completion. An earn-out consideration and a retention plan is expected to add a further USD5.25 million to the total cost of acquisition, Playtech said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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