Keywords Studios plc (AIM:KWS) acquired The Multiplayer Group Ltd from Improbable Worlds Limited for £76.5 million on December 18, 2023. Under the terms of agreement, the consideration was paid in cash and primarily funded from the Group's existing revolving credit facility. The business has a strong pipeline of work and is expected to deliver double-digit percentage revenue growth in 2024, with margins in line with those of Keywords' Create division. MPG's leadership team comprising Andy Norman, Rocco Loscalzo, Vaughan O'Brien and Roger Cheungwill continue to lead the business post-acquisition and will participate in a management incentive plan based on ambitious growth targets over the next two years.

The transaction is expected to be EPS accretive in its first full year post acquisition and fall within the Group's targeted valuation range of five to seven times EBITDA. Stuart Skinner and Will Baunton of Numis Securities Limited acted as financial advisor to Keywords Studios and Alex Edmondson, Jeremy Moncrieff and Robert Collard, Malcolm Walton and Faye Jarvis of Macfarlanes LLP acted as legal advisor to Improbable Worlds in the transaction.

Keywords Studios plc (AIM:KWS) completed the acquisition of The Multiplayer Group Ltd from Improbable Worlds Limited on December 18, 2023.