Sumo Group Plc to get hold of Pipeworks

Sumo Group Plc (LON: SUMO) has signed a conditional contract to acquire Lake Street Labs Buyer Corp.

  • Lake Street Labs Buyer Corp is the owner of Pipeworks the US video games developer. Which is one of the top names in the adjacent complementary markets of emerging technology and game science applications.
  • The acquisition is for an enterprise value of up to $99.5 million based on the Reference Share Price, with initial consideration of $59.5 million, which will be part-funded by group’s cash resources and through the issue of new equity in the Group.
  • SUMO shares on 30 September 2020, at the time of writing, GMT 08:57 AM, were trading at GBX 215.00, up by 17.50 points or 8.86% against the previous day’s closing price.