DLA Piper advising Keywords Studios on GBP2.1 billion bid by EQT

DLA Piper is advising Keywords Studios plc, a leading international provider of fully integrated creative and technology-enabled solutions to the video games and entertainment industries, on a recommended cash offer by Houting UK Limited, a newly formed company controlled by EQT and equity co-investors CPP Investments and Rosa Investments. The offer values Keywords Studios at GBP2.1 billion.

Keywords Studios, listed on London’s AIM market, was established in Dublin in 1998 and now operates over 70 facilities across 26 countries in Asia, Australia, the Americas, and Europe. It provides services across the full content development cycle to a large blue-chip client base of video games developers and entertainment businesses. It provides services to 24 of the top 25 most prominent games companies and contributed to over 70 per cent. of the 2023 Game Awards winners.

EQT manages and advises funds and vehicles that invest across the world. It operates in more than 25 countries across Asia Pacific, Europe and the Americas and has over 1,000 employees, with total assets under management of EUR242 billion. CPP Investments is a global professional investment management organisation with CAD632.3 billion assets under management. Rosa Investments is the entity through which Temasek will invest in Houting UK. Temasek is a global investment company with a net portfolio value of SGD382 billion.

The DLA Piper team is being led by London Corporate partner Jon Earle and Head of Dublin Corporate Matthew Cole. They are leading a multi-jurisdictional team centred in the Dublin and London offices of DLA Piper, including Legal Director Karin Kirschner, Senior Associate Blayre McBride and Associate Kate Kinsella. On competition/anti-trust elements of the deal the team includes partners Darach Connolly and Alix Kamerling, along with Senior Associate Alistair White and Associate Jo Kane. Legal Director Martin Macleod is advising on share options.

Jon Earle, Corporate partner at DLA Piper, commented: “This noteworthy transaction demonstrates our Public M&A capabilities. Our ability to deploy an experienced team of lawyers was key to successfully supporting the sale of Keywords Studios. We pride ourselves in providing our clients with dedicated teams who excel at translating legal complexity into commercial clarity and this deal was a perfect example of that.”

Matthew Cole, Head of Corporate for DLA Piper in Dublin, added: “DLA Piper’s global footprint allows us to excel in supporting clients, with a link to Ireland, on their most complex, multi-jurisdictional deals. This offer for our long-standing client, Keyword Studios. is a clear illustration of this. We provide seamless counsel and business advice across all our geographies. This is a headline deal involving a true leader in the technology space and, as always, we are proud to be supporting Keywords.”