Keywords Studios Plc, an Irish gaming industry expert, has accepted a proposal from private equity business EQT AB, prizing the gaming services organisation at nearly £2.1 billion (€2.5 billion). According to a joint statement released on Wednesday, shareholders will receive a cash payment of £24.50 (€28.91) per share, which is less than the May bid of £25.50 per share. Keywords’ board is in full agreement with the offer, and EQT confirmed it as their ultimate bid in the statement.
Established in 1998 and floated on the AIM market of the London Stock Exchange in 2013, Keywords Studios offer services ranging from game development to audio and art to clients like Epic Games Inc. and Activision Blizzard Inc. Since going public, the growth of the company has been exponential, not only in acquisitions of numerous supporting studios but also in the range of games it has contributed to, including Fortnite, Call of Duty, and Baldur’s Gate 3. The company’s operations span across 26 nations.
Last month, EQT returned with a proposal lower than its previous offer in May. Keywords then did admit that several game and development projects were either delayed or cancelled due to industry setbacks, in part, from last year’s Hollywood strikes. However, Keywords anticipates a rise in growth in the latter half of 2021.
Keywords also has a record of purchasing other game service suppliers and is presently in discussions for more deals. Earlier offers from EQT were rejected, but following a significant enhancement from the initial proposal in May, advanced discussions were announced.
On Tuesday, Keywords shares had a 2.9% climb to £23.86 around 8am in London, recording an overall rise of approximately 39% this year.