Keywords Studios: EQT closes in on £2bn takeover
Videogame developer Keywords Studios has extended a deadline for its takeover by EQT today as the private equity giant puts the final touches to a deal worth more than £2bn.
In a statement to the market this morning, Keywords said it had extended a regulatory deadline until the 28th June to allow EQT to finalise its “confirmatory due diligence” before buying the company.
AIM-listed Keywords has said previously it will likely accept a cash offer for Keywords Studios of 2,550p per share, valuing the firm north of £2bn and a 73 per cent premium on its then trading price.
The deal will strike another blow to the London Stock Exchange after a torrent of takeovers in the opening half of the year.
Dublin-based Keywords has swelled to become one of the biggest companies on London’s junior AIM market by providing services to some of the world’s biggest video games, including Assassin’s Creed and Fortnite.
EQT had previously made four unsolicited proposals for Keywords, all of which were rejected by the company’s board. The current figure represents a significant increase from the initial proposal, it said previously.
The Keywords board concluded that it “would be minded to recommend” the proposal to the company’s shareholders, the statement last month said.