European private equity group EQT is in advanced discussions to buy video game services company Keywords Studios for £2.2 billion , in the latest potential takeover of a London-listed company.
The latest proposal is a “significant increase” from the initial bid and the board of Keywords Studios “would be minded to recommend” it to shareholders if a firm bid is made, the company said.The company’s board said that it remains confident about its growth plans including expanding through acquisitions, and that EQT supported its strategy.
The company reported record revenues of €780 million in 2023 — up 13 per cent year-on-year — while its pre-tax profit fell 49 per cent to €35 million. The discussions between EQT and Keywords come as takeover interest in UK-listed companies has reached its highest level since 2018, driven by depressed share prices that are attracting foreign investors.