EQT’s $3 bln gaming play hits the right buttons
03/07/2024 11:52
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Oliver Taslic
LONDON, July 3 (Reuters Breakingviews) - The Swedish
buyout shop looks set to clinch video game services group
Keywords. The target’s business of translating games like ‘Clash
of Clans’ for a wide range of clients helps insulate it from an
industry rut. The chunky 96% premium can also make it a high
scorer.
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CONTEXT NEWS
London-listed video game services group Keywords Studios
announced on July 3 that it had agreed to be acquired by Swedish
private equity firm EQT for around 2.1 billion pounds ($2.7
billion). On an enterprise value basis, the offer values
Keywords at around 2.2 billion pounds, Keywords said.
The offer, worth 2,450 pence a share, represents a premium
of around 67% to the closing share price on May 17, the last
business day before the commencement of the offer period,
according to the statement. It represents a premium of 96% to
the volume-weighted average price for the one-month period ended
May 17.
Keywords said that its directors intend to unanimously
recommend the offer.
Keywords shares were up 2.9% at 2,386 pence at 0730 GMT on
July 3.
(Editing by Aimee Donnellan and Streisand Neto)
((For previous columns by the author, Reuters customers can
click on TASLIC/
oliver.taslic@thomsonreuters.com))