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Frank Prenesti Sharecast News
08 Jun, 2022 10:45

Keywords Studios buys Forgotten Empires for $32.5m

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Keywords Studios

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Video game provider Keywords Studios has bought development studio Forgotten Empires for $32.5m (£25.9m), the company said on Wednesday.

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Based in Ohio in the US, Forgotten Empires has a team of 53 game developers. The firm generated revenue of $7.2m in 2021 and is expected to grow strongly in the current year, Keywords added.

Keywords Studios will pay a maximum amount of $32.5m, comprised $15.75m up front, the equivalent of $3.75m in new ordinary shares to be issued one year post completion, and up to $13m in cash and stock depending on growth targets being met over the year following completion.

In a separate statement, Keywords said it had made a positive start to the 2022 year with strong organic revenue growth in the first four months and expected annual results to be in line with expectations.

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