PE firm EQT to buy UK's Keywords Studios in $2.8 bln deal (updated)

Keywords Studios

03/07/2024 07:26

(Adds Keywords' recommendation in paragraph 2, Chair's quote in
paragraph 3)
       July 3 (Reuters) - Private equity firm EQT  EQTAB.ST 
will buy UK-based video game services group Keywords Studios
 KWS.L  in a 2.2 billion pound ($2.79 billion) deal, the
companies said on Wednesday. 
    The deal, which Keywords said it would recommend to its
shareholders, is at a 66.7% premium to the firm's last close on
May 17, before the commencement of the offer period. 
     "The Board believes that this offer represents a good
opportunity for Keywords Studios shareholders to realise value
for their investment in cash upfront at a significant premium to
the undisturbed share price," Keywords' Chair Don Robert said in
a statement. 
    The 24.50 pounds per share offer, which was disclosed last
Friday, was higher than a proposal made last week but lower than
the 25.50 pounds offer disclosed in May. 
    




($1 = 0.7888 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Sonia
Cheema)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))