(Alliance News) - Keywords Studios PLC on Thursday announced it has bought video game art creation studio AMC, which has worked with major franchises including Call of Duty and World of Tanks, in a EUR2.8 million deal.
In 2020, Bucharest, Romania-based AMC posted adjusted earnings before interest, taxes, depreciation, and amortisation of EUR500,000 on revenue of EUR2.3 million.
The deal will see the Dublin-based video game developer make an initial cash payment of EUR200,000 and issue the equivalent of EUR800,000 in new shares on the first anniversary of completion.
The acquisition will add "significant talent and experience" to Keywords's art service line and establishes its presence in Eastern Europe, the company stated.
"We are excited by the expertise and experience that AMC will bring to our art service line and by the growth opportunities for the service line as well as for Keywords's wider business in the region," commented Keywords Joint Interim Chief Executive Jon Hauck.
"The studio's excellent track record and reputation for high quality work for over 12 years is extremely impressive. We are looking forward to helping AMC to grow further as part of the group and to being able to offer AMC's high quality work to our client base."
Keywords shares were 0.9% lower to 2,786.00 pence each in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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Keywords Studios Plc (KWS)