(Alliance News) - Keywords Studios PLC on Wednesday announced that it will acquire High Voltage, a Chicago, Illinois-based video games developer for up to USD50 million.
The London-based video game services developer will pay an initial USD23.8 million in cash, and other USD9.8 million through the issue of shares. There will also be a deferred consideration of up to USD16.5 million in a mix of cash and shares, based on performance targets and conditions being met on or before the end of 2021.
High Voltage mostly works on developing ports for video games, including Saints Row IV, Mortal Kombat X and Zombieland: Double Tap - Road Trip. This means adapting video games to be played on different consoles or personal computers.
"The multitalented team at HVS brings deep expertise in the Unreal Game Engine development environment, honed particularly well in recent years through working closely with Epic Games on Fortnite, as well as a track record of having worked with many client proprietary game engines, gaming platforms and game genres, which all adds further breadth and depth to Keywords Studios' existing capabilities. It also adds a new presence in Chicago, and in New Orleans, for the group, providing access to an additional pool of talent," said Chief Executive Officer Andrew Day.
Shares in Keywords Studios were up 2.5% at 2,532.86 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Keywords Studios Plc (KWS)