Keywords Studios to Acquire Game Development Studio Forgotten Empires.

MANews-(C)2009-2022

Ireland-based video games industry technical and creative services provider Keywords Studios plc (LSE: KWS) has entered into a conditional agreement to acquire US-based game development studio Forgotten Empires, LLC for a total consideration of up to USD 32.5m, the company said.

The acquisition will further the group's strategy to become the 'go to' technical and creative services platform for the global video games industry.

Founded in 2013 by studio head Ryan Shepherd, who will continue leading Forgotten Empires within Keywords Studios, the studio specialises in the development of real time strategy games including Microsoft's classic franchise, Age of Empires.

Headquartered in Ohio in the US, Forgotten Empires' talented team of 53 game developers are passionate individuals from around the globe who are also avid RTS fans.

Forgotten Empires has worked on many games including all of the Age of Empires Definitive Editions, Age of Mythology: Extended Edition and Age of Empires IV and has worked alongside Keywords' other game development studios Tantalus, Wicked Witch and Climax Studios on certain of those projects.

Forgotten Empires generated revenue of USD 7.2m in 2021 and is expected to grow strongly in the current year.

Under the terms of the acquisition, which is subject to certain closing conditions, Keywords Studios will pay a maximum amount of USD 32.5m, comprised of initial cash consideration of USD 15.75m, the equivalent of USD 3.75m in new ordinary shares to be issued one year post completion (USD 2m of...

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