Deadline for EQT Group’s proposed acquisition of Keywords Studio extended

Private equity firm within group that is considering cash offer for services empire has until June 28 to formally announce

The potential acquisition of Keywords Studios has been delayed as the company is granted an extension to the period in which its prospective buyer must make its offer.

As reported last month, a private equity firm within the EQT Group is considering a cash offer at £25.50 per share to acquire the games development services firm. In a regulatory notice, Keywords confirmed it has been in advanced discussions with its potential buyer.

EQT was required to make a formal offer, or announce that it would not make an offer, by 5pm on June 15. Keywords has requested an extension to this deadline, and this has been approved by the Panel on Takeovers and Mergers.

The private equity firm now has until 5pm on June 28 to state its intentions regarding the acquisition of Keywords Studios. This deadline may be extended further if requested by Keywords, providing the Takeover Panel consents.

Originally a localisation provider, the 26-year-old Keywords Studios has expanded its services over the years via more than 60 acquisitions since January 2014, now offering art, audio, game development, PR, marketing, and more.