Ashurst Acted On Takeover Of Keywords Studios Plc

Ashurst Acted On Takeover Of Keywords Studios Plc

Global law firm Ashurst is advising J.P. Morgan Cazenove on the £2.1bn takeover of Keywords Studios Plc (Keywords Studios) by Houting UK Limited (Bidco), a newly formed company indirectly wholly-owned by EQT's BPEA Fund VIII.

J.P. Morgan Cazenove is acting as financial adviser to Bidco.

Keywords Studios is a worldwide leader in providing comprehensive creative and technology-driven solutions to the video games and entertainment sectors. Established in 1998, it operates across Asia, Australia, the Americas, and Europe with more than 70 facilities. Through its Create, Globalize, and Engage divisions, Keywords Studios supports the entire content development lifecycle, serving a broad base of top-tier clients globally.

EQT has a strong history of successful investments in the global services and technology industries. As a prominent services investor, EQT has committed US$33.7 billion across 88 service sector investments worldwide, realizing 33 exits through mergers and acquisitions and initial public offerings (IPOs). EQT also boasts significant expertise in global technology investments, having deployed US$37.0 billion across 116 technology portfolio investments with 35 exits through both public and private markets.

The acquisition values the entire issued and to be issued ordinary share capital of Keywords Studios at approximately £2.1 billion on a fully diluted basis, and implies an enterprise value of approximately £2.2 billion and a multiple of approximately 15.9 times Keywords Studios' adjusted EBITDA for the 12-month period ended 31 December 2023 of £139 million.

The Ashurst team was led by Tom Mercer (Partner) and Tim Rennie (Partner) and was supported by Darren Phelan (Counsel), Colin Bugler (Senior Associate) and Sandile Sibya and Patrick Chambers (Associates).