StockMarketWire.com - Team17, the global games entertainment label, has announced it has entered into an agreement to acquire the business and assets of StoryToys, via the acquisition of its parent company TouchPress.

StoryToys develops and publishes educational entertainment apps for children, and the acquisition establishes a new highly complementary and fast growing edutainment vertical for Team17, strengthening the group's position in the industry.

The initial consideration for the Acquisition is $26.5 million, with a further maximum $22.5 million payable in cash on delivery of certain targets within three years.

The acquisition will be funded from Team17's existing cash reserves.

StoryToys has produced apps with many leading children's brands, including The LEGO® Group, Disney, Pixar, Penguin, Sesame Workshop, Dick Bruna, Warner Bros, Hasbro, and Nickelodeon


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