13th Apr 2016 07:30
LONDON (Alliance News) - Keywords Studios PLC on Wednesday said it has struck a deal to pay up to EUR18.0 million to acquire some of the assets of Synthesis Global Solutions SA.
Keywords, which provides technical services to video games developers, said it will acquire Synthesis operations in Switzerland, Italy and Germany, along with certain assets in France, Spain, Brazil, Mexico, the US, Taiwan, Singapore, Korea and Japan.
Keywords will pay up to EUR18.0 million to acquire the Synthesis assets, of which EUR1.0 million in cash will be dependent on revenue targets being hit in the first year after completion. Of the initial EUR17.0 million, EUR10.2 million will be paid in cash, with the rest to be covered by the rights to 2.4 million Keywords shares, to be issued on the first and second anniversaries of the deal.
Synthesis provides localisation and audio services for a number of major game franchises, including Call of Duty, Grand Theft Auto and World of Warcraft.
The deal will boost Keywords' existing audio and localisation business, the company said.
"The acquisition of the Synthesis Group represents our largest acquisition to date and, in common with our acquisition in February 2014 of Babel Media, is an important milestone in our consolidation of this highly fragmented market," said Andrew Day, Keywords' chief executive.
Keywords shares were up 4.9% to 245.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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