Keywords Studios agrees to buy remaining stake in Kite Team

Technology services provider Keywords Studios rallied on Wednesday after saying it has agreed to buy the remaining 50% stake in gaming business Kite Team that it does not already own.

The company made the deal with Kite Team’s shareholders 20 months sooner than originally planned under the terms of the acquisition agreement.

Keywords will pay a total consideration of €1.15m (£0.93m) in cash and the issue of new ordinary shares for the firm, which specialises in video game localisation for Latin America and Spain.

"Since we acquired the initial 50% of Kite Team in July 2015, it has performed in line with our expectations,” said Andrew Day, Keywords chief executive.

“The experience of the team is translating into good business wins and momentum is building both in Spain and in Mexico. In Brazil, we are in the process of consolidating the activities of Kite Team with those of our previously acquired business, Reverb."

Shares rose 5.99% to 230p at 1536 BST.