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(Alliance News) - Keywords Studios PLC on Thursday announced it has acquired an 85% interest in Australian game developer Tantalus Media Pty Ltd for up to USD46.8 million.
The London-based video game industry services provider said the total consideration comprises an initial consideration of USD30.6 million, made up of USD18.4 million in cash and the equivalent of USD12.2 million in shares. A deferred consideration of up to USD16.2 million in a mix of cash and shares is payable based on performance targets for Tantalus over a two-year period.
Keywords said the investment will further its strategy to become the "go to technical and creative services platform for the global video games industry".
"Tantalus brings 27 years of experience of video game development in Australia for some of the largest global publishers and leading titles. As our first investment in Australia, we are very excited to work with Tom Crago and his talented team who will bring invaluable expertise and market knowledge as we expand our presence in this attractive and growing region," said Joint Interim Chief Executive Jon Hauk.
Chief Financial Officer Hauk and Chief Operating Officer Sonia Sedler became joint interim CEOs of Keywords on Monday, following CEO Andrew Day announcing on the same day a temporary leave of absence for health reasons, effective immediately. Day is expected to return after a recovery period and will remain a board member.
Shares in Keywords Studios were up 1.8% at 2,368.00 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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