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Private equity firm in talks to buy Keywords Studios

The offer is reportedly expected to be £2.2 billion

Keywords Studios has confirmed it's in "advanced discussions" with private equity firm EQT to buy the developer.

According to the Financial Times, the offer is expected to be £2.2 billion. EQT is negotiating a cash offer of £25.5 per share.

In a statement issued this morning, Keywords said EQT previously approached the studio with four "unsolicited proposals" which were rejected, but this one is a "significant increase" from the initial proposal, Keywords' board said, and one it "would be minded to recommend" to the company's shareholders.

For now, shareholders are "strongly advised to take no action."

The EQT Group has until June 15 to make a formal offer.

"The board remains confident in the company's growth strategy of building the only truly global platform providing solutions to the video games and entertainment industries, both organically and through acquisitions, and EQT is supportive of this strategy," the developer's board said.

Keyword Studios has grown its services empire significantly in recent years with a number of acquisitions, the most recent being the purchase of The Multiplayer Guys from Improbable for £76.5 million.

The company has over 70 facilities around the world, offering services such as QA, localisation, art, audio, marketing, and game development.

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Sophie McEvoy avatar
Sophie McEvoy: Sophie McEvoy is a Staff Writer at She is based in Hampshire and has been a gaming & entertainment journalist since 2018.
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