Swedish investment firm EQT Group wants to buy the gaming outsourcing company Keywords Studios. Recently, it sent Keywords Studios a preliminary purchase proposal, valuing the company at £2 billion or approximately $2.5 billion.
EQT Group offered to pay £25.50 ($32.4) for each Keywords Studios share. As noted by Bloomberg, this is a 73.5% premium to the company's share price at the close of the stock exchange on Friday, May 17.
As a result, Monday morning started with a sharp increase in Keywords Studios' share price. By the time of writing this news, the share price had soared by 62.7% to £23.9 ($30.3) per share.
The Keywords Studios board of directors stated that they are ready to finalize a deal with EQT Group if they come forward with a definitive proposal by June 15, 2024. Keywords Studios' executives noted that over the past few months, they had rejected four proposals from EQT Group, which were much less favorable.
Founded in 1998, Keywords Studios specializes in gaming outsourcing and game technologies. It comprises dozens of studios, including Sperasoft, Hardsuit Labs, Mighty Games, Forgotten Empires, Heavy Iron Studios, and Climax Studios.