DWF advises Keywords Studios on US$6million video gaming business acquisition

Legal business DWF has advised Keywords Studios, an international technical services provider in the global video games industry, on its US$6million acquisition of Strongbox Ltd, a holding company with subsidiaries trading under the Red Hot CG brand, which specialises in the production of graphical art assets for video games.

The acquisition increases Keywords' capacity of fast-growing and higher-margin art services lines as well as bringing in a number of new clients, including Bethesda, Capcom, Sony and Tencent. The deal also gives Keywords broader access to the Chinese market, which is the largest in the world for video game art, with Red Hot operating in Chengdu, Dalian, Shanghai and Zhengzhou. Red Hot's 220 artists will join the technical services provider's 900 existing artists, demonstrating a 25% increase in the group's art production capacity.

The DWF corporate team that advised Keywords was led by Matthew Doughty, London Head of Corporate, with support from director Justin Edgar and trainee solicitor Tom Levers as well as advice from tax partner Jon Stevens.

Matthew Doughty, DWF London Head of Corporate, said: "This deal is really important for our client as it opens doors for them in key areas and will enable Keywords to take a leading position in one of the strongest markets globally for the video gaming industry. The deal highlights DWF's capability to advise on transactions involving multiple jurisdictions as well as our ability to immerse ourselves in our clients' niche market spaces in order to drive insightful advice and get transactions across the line effectively." 

Matthew Doughty


I am a corporate lawyer with more than 20 years’ experience specialising in mid-market M&A and capital markets transactions for private and publicly owned companies.

Justin Edgar


I am a senior corporate lawyer and provide advice on all aspects of private company mergers & acquisitions, joint venture and shareholder arrangements, debt and equity fundraisings, group reorganisations and board advisory matters.