16th Jul 2015 08:41
LONDON (Alliance News) - Keywords Studios PLC on Thursday said it has struck a deal to acquire Kite Team SL for up to EUR2.3 million and said trading in the first half was in line with its expectations.
Keywords, which provides technical services to video games companies. said it has acquired Kite Team, along with its Kite Team Mex S de RL subsidiary. Kite Team owns audio recording and localisation facilities in Madrid and Mexico City and provides audio recording and localisation services for games in the Iberian and Latin American regions.
Keywords will acquire 50% of Kite Team immediately and will acquire the other half of the company subject to certain conditions being made by December 2017. It will pay EUR0.5 million in cash upfront, plus EUR1.8 million in deferred consideration paid in cash and shares. Keywords did not provide any detail on the balance of cash and shares.
The company added that trading in the first half was in line with its expectations, with console games trading returning to more stable conditions. It added the seasonal ramp-up in activity has started and is underway in Keywords' facilities, while its Lakshya art outsourcing business, acquired in October last year, is performing very well.
Shares in Keywords were up 1.0% to 169.25 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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