Keywords Studios reaches £2.2bn acquisition agreement with Swedish investment company EQT

Keywords Studios has reached an acquisition agreement with Swedish investment company EQT for around £2.2bn, pending approval from its shareholders.

In a statement, Keywords – a "fully integrated creative and technology-enabled" company that supports firms such as Activision Blizzard, EA, Epic, and Square Enix – said it was pleased to have reached the agreement on the terms of a recommended cash acquisition for £2,450p a share.

“I am extremely proud of our passionate world-class teams and the leading technology-enabled global platform we are building together, which have enabled us to develop innovative solutions and foster strategic partnerships with our clients," said Keywords CEO, Bertrand Bodson.

"We have consistently delivered strong financial performance, creating significant value for our shareholders.

"This offer from EQT marks an exciting new chapter on our growth journey, with a like-minded partner who possesses deep sector expertise and a desire to accelerate the pace of our growth, both organically and through M&A, to unlock the many opportunities ahead of us across the entertainment landscape," Bodson added.

"I am convinced that together we will be able to strengthen our leadership position at the heart of the largest entertainment industries in the world and build a truly unique global integrated games services platform for the benefit of our people and clients."

Established in 1998, Keywords currently boasts over 70 facilities in 26 countries, including Asia, Australia, the Americas, and Europe.

Its board believes "the business is well positioned for future continued success", and that "EQT is supportive of the company’s existing strategy and management team."

The deal is expected to complete in Q4 2024.