Team17 acquires Hell Let Loose IP

Date Type Companies involved Size
January 6th, 2022 acquisition Team17 $42m
Team17 acquires Hell Let Loose IP

British games publisher Team17 has bought the Hell Let Loose IP from developer Black Matter.

The firm has acquired this property for £19.75 million ($26.72 million) in cash, with £11.25 million ($15.2 million) being given out in stock. Performance targets could see Black Matter earn anywhere between £5 million ($6.8 million) and £15 million ($20.3 million) over the next two years.

Hell Let Loose was initially published by Team17 and has attracted more than six million players since its Early Access release back in June 2019.

"We are delighted to be announcing the acquisition of the Hell Let Loose IP," Team17 Games CEO Michael Pattison said.

"Hell Let Loose has quickly become a highly credible and innovative multiplayer tactical first-person shooter supported by a very passionate and highly engaged community with over six million players. Having built a close and extremely productive relationship with Black Matter already, we believe that by bringing Hell Let Loose into the Team17 stable, we can serve and build upon the needs of an ever-growing community, improve and expand upon the existing player experience and develop new ways to entertain and delight. We firmly believe Hell Let Loose can become the definitive large-scale team-based military simulation.

"This acquisition represents an important next step in our strategy to expand our ownership of IP that is not only of the highest quality, but importantly has long-term growth potential."

Black Matter founder and CEO Max Rea added: "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."


PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.