Bird & Bird advises investment banking client Berenberg on a £78.6m placing for indie games developer Team17

The Bird & Bird Capital Markets team advises the financial advisor, sole global coordinator, and broker, Joh. Berenberg, Gossler & Co. KG (“Berenberg”), on the placing of new ordinary shares by Team17 Group plc (“Team17”). The fundraise will be used for Team17 Group’s acquisition of astragon Entertainment GmBH (“astragon Entertainment”).

Team17 Group is an indie video games developer headquartered in the UK, who has created popular games such as Worms, The Escapists, Overcooked and Blasphemous. Astragon Entertainment is a German video game publisher based in Düsseldorf, known for its simulation games.

The team was led by Partner Clive Hopewell, who heads the International Capital Markets Practice, and Associates Ed Reardon and Greg Turton.

Clive Hopewell, lead Partner at Bird & Bird comments: “We’re proud to work alongside long-standing client Berenberg on this oversubscribed placing for Team17 Group. The video games and indie games space has witnessed high investor interest in recent years, and the Bird & Bird team is well-placed to work with financial advisors and scaling businesses in this arena due to our sector expertise.”

Toby Flaux, UK Investment Banking at Berenberg, adds: “As ever, it was a pleasure to work on this exciting transaction with Clive and team at Bird & Bird, who gave excellent advice and support throughout. We look forward to working together on future transactions.”

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