Black Matter Studios has made quite the entry into the industry with their first-person shooter Hell Let Loose, but now it appears that they have parted with the IP with the acquisition by the game’s publisher, Team17. Announced via a press release, the acquisition involved of nearly 31 million UK pounds (42 million US dollars) plus a sizeable contigent for one of the surprise FPS breakouts in the consoles and PC platforms.
- Related Reading: Hell Let Loose Update 1.007 Out for Spawn-Point Hotfix This Nov. 25
The press release opens with the details of the acquisition of the Hell Let Loose IP, stating:
Team17, a global games entertainment label, creative partner and developer of independent (“indie”) premium video games and developer of educational entertainment (“edutainment”) apps for children, is pleased to announce the acquisition of all rights and assets of HLL, an existing 3rd party title to our 1st party family for an initial consideration of £31 million plus a contingent earn out consideration of up to a maximum of £15 million (“the Acquisition”).
The Acquisition’s initial consideration will be satisfied through a combination of [£19.75] 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. 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.
With this acquisition, Hell Let Loose is now a first-party title under Team17. Max Rea, founder and CEO of Black Matter Studios, had this to say:
“This is a wonderful opportunity for our fans and a logical next step-up in the development of Hell Let Loose as a brand. Team17 love our brand and community as we do, which has expanded across multiple platforms successfully. We’ve worked very closely with our good friends at Team17 over the last several years and firmly believe that this Acquisition is the next logical step to enable us to further deliver great content to the highly passionate HLL community, as well as find new ways to engage and entertain in the future.
“We are really excited to continue to work with Team17 on the next stage of growth for Hell Let Loose.“
Hell Let Loose is now available to play on PC, PlayStation 5, and Xbox Series consoles. Check out our full archives for the game here.