Keywords Studios completes acquisition of Sunny Side Up Creative

Video games technical services provider Keywords Studios has completed the acquisition of Sunny Side Up Creative from its founder, Thomas Giroux, it announced on Friday, after all of the conditions were fulfilled.

The AIM-traded firm initially announced the agreement to acquire Sunny Side Up on 21 December, for total consideration of CAD 5.9m.

Of that, CAD 4.75m was being paid in cash on completion, with the rest being satisfied through the issue of 60,179 new ordinary shares in Keywords.

The consideration shares were to be issued to the seller on the first anniversary of the acquisition, and would then be subject to orderly market provisions for a further 12 months.

Keywords said Sunny Side Up, based in Quebec City, Canada, produced “high quality marketing assets” for game publishers and developers, including game trailers, key art assets and motion graphic production.

It added that the acquisition would complement and build on its game trailer and marketing services offering provided by Fire Without Smoke, the TrailerFarm and its other art services studios.

“We are delighted to welcome Thomas and the talented Sunny Side Up team to the Keywords family,” said Keywords Studios chief executive officer Andrew Day at the time of the initial announcement.

“Following our acquisitions of Fire Without Smoke and The TrailerFarm, Sunny Side Up's high quality game trailers, technical expertise and marketing service experience further extends the group's geographic, client reach and scale in this relatively new and exciting area for Keywords.

“As part of the Group, Sunny Side Up will be able to leverage our well established presence in Montreal and Quebec City to support its continued growth.”