Keywords Studios in talks to be acquired by EQT for £2bn

20 May 2024

Image: © Parilov/

Listed on the London Stock Exchange, Keywords Studios has been rapidly growing in recent years thanks to several mergers and acquisitions.

Irish video game services company Keywords Studios is in talks with EQT Ventures to be acquired by the private equity firm for around £2bn.

Based in Dublin, Keywords provides services to some of the biggest names in gaming and entertainment, including Activision Blizzard, Microsoft, Epic Games, Ubisoft, Konami and Electronic Arts. It was founded in 1998 and has operations across dozens of countries globally.

The widely reported talks are the fifth in a line of expressions of interest from EQT, all of which were rejected until now. In a statement seen by RTÉ, Keywords said that the latest bid represents a significant increase from the initial proposal, representing a more than 70pc premium on its value at the close of trading on Friday.

In the statement, Keywords said it remains confident in its growth strategy of building a global platform that provides services to the video games and entertainment industries, both organically and through acquisitions.

Listed on the AIM (alternative investment market) submarket of the London Stock Exchange, Keywords has been rapidly growing in recent years thanks to several mergers and acquisitions. Last May, it acquired Hardsuit, a game development studio based in Seattle, further expanding its presence in the US.

Some of Hardsuit’s major projects include global AAA franchises such as Activision Blizzard’s Call of Duty and Crash Bandicoot.

“As the largest player in the industry, Keywords will provide us with a strong foundation and deliver opportunities for us to do more for our clients and franchises,” Hardsuit said in a statement at the time.

“We believe Keywords has a very similar people-focused and tech-savvy entrepreneurial culture and are excited to get started on delivering against our future growth opportunities.”

In December 2022, the gaming giant continued a global acquisition spree by snapping up LabCom, a PR and communications agency based in Italy. This came just days after it acquired customer support platform Helpshift for $75m.

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Vish Gain is a journalist with Silicon Republic