Sweden-based private equity firm EQT, together with Canada Pension Plan Investment Board (CPP Investments) and Temasek, have completed the acquisition of UK-based outsourcing company Keywords Studios (LON: KWS) for approximately $2.8B (£2.2B).
The proposed offer of £25.50 per share represents a substantial premium of approximately 73% over Keywords’ closing share price of £14.70 May 17, 2024.
In 2023, the studio generated $844m (€780m) in Revenue and $139m (€109m) in EBITDA, representing the multiples of 3.3x EV/Revenue and 20.1x EV/EBITDA.
You can read more about this acquisition in our analysis of the deal.
The company’s revenue grew 48.76x over ten years, and a huge role in this growth played Keywords’ active M&A strategy. Even one week before being acquired, the studio closed another deal, buying Certain Affinity — a third-party developer that worked on Call of Duty and Halo franchises, among many others.
If you want to have a look at all the studios acquired by Keywords since 2020, the exclusive table is already there for our Patreon subscribers. Join today to support InvestGame and get more of the data in the future!
