The shares being issued represent approximately 10.5 per cent of the issued ordinary share capital of the company prior to the placing. The fundraising, which was carried out by way of accelerated bookbuild, provides Keywords Studios with the flexibility to execute its acquisition strategy and maintain a strong balance sheet. Numis Securities Limited and Citigroup Global Markets Limited acted as joint bookrunners.
The DWF team advising Keywords Studios was led by corporate partner, John Campion, alongside senior associate, Jemil Visram and solicitor, Eilidh Durkin. The company also obtained US law advice-law advice from Proskauer (Peter Castillon, Luisa Ewing), Canadian law advice from Miller Thomson (Pierre Soulard) and Jersey law advice from Mourant (Jon Woolridge, Andrew Haslett). The joint bookrunners were advised by Dechert (Sean Geraghty, Jodie Valler-Feltham).
Commenting on the deal, John Campion said, "We are delighted to have advised Keywords Studios on this key fundraising. The structural drivers of growth across the video games market remain, with increased game playing due to COVID-19 also driving continued demand for content".
Andrew Kennedy, Legal Counsel at Keywords Studios added, "The placing will enable us to maintain a strong balance sheet without constraining our acquisition strategy when prospects for attractive M&A opportunities have rarely been higher. We were very pleased with the support provided by the DWF team and look forward to continue to work with them.”