Deadline Extension Granted for EQT Keywords Offer

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deadline extension for EQT Keywords offer

Keywords Studios announced Friday that Swiss private equity firm EQT has been given additional time to make a £2 billion ($2.5 billion) offer, following indications that the Irish gaming services group might support the deal.

Extended Deadline for EQT Offer

Keywords Studios PLC, which collaborates with clients such as Activision Blizzard and Sega Corp. on video game content, revealed that the deadline for EQT Group to either announce a firm offer or withdraw has been extended to June 28. Originally, the deadline was set for Saturday.

The U.K. Panel of Takeovers and Mergers granted the extension to the “put up or shut up” deadline, allowing EQT to complete its due diligence on Keywords Studios, according to the Dublin-based company.

Advanced Discussions and Potential Recommendation

In May, Keywords Studios disclosed it was in advanced discussions with EQT and was “minded to recommend” the proposed offer of 2,550 pence per share to its shareholders. This proposal came after Keywords had previously rejected four bids from EQT.

deadline extension for EQT Keywords offer : Company Background and Recent Acquisitions

Keywords Studios has contributed to popular games including Fortnite and Hogwarts Legacy. In May 2023, the company acquired game development studio Hardsuit for approximately $15 million. Their client list also features major names such as Nintendo, Netflix, and Microsoft.

deadline extension for EQT Keywords offer : EQT’s Extensive Portfolio

EQT, managing €242 billion ($260 billion) in assets, recently acquired veterinary pharmaceuticals company Dechra for £4.5 billion in June 2023. The firm continues to expand its diverse portfolio through strategic acquisitions.

Legal and Financial Advisers

Counsel information for both companies was not immediately available. However, Keywords Studios’ general counsel, Andrew Kennedy, issued the company’s statement. Investment bank Deutsche Numis and financial adviser Robey Warshaw LLP are acting as financial advisers to Keywords Studios.