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21 Dec 2018 | 08:41

Keywords Studios to acquire Sunny Side Up; sees performance in line with expectations

Technical services provider Keywords Studios on Friday it had entered into an agreement to acquire Sunny Side Up Creative Inc from its founder Thomas Giroux for CAD5.9m. The company also said performance was on track to meet market expectations.

Sunny Side Up produced high quality marketing assets for game publishers and developers including game trailers, key art assets and motion graphic production.

The acquisition would complement and build on Keywords' game trailer and marketing services offering provided by Fire Without Smoke, The TrailerFarm and its other Art Services studios, the company said.

The total consideration for the acquisition was CAD5.9m, of which CAD4.75m was in cash on completion and the reminder settled through the issue of 60,179 shares in Keywords.

The acquisition was expected to complete, subject to certain conditions being fulfilled, no later than 4 January next year, the company said. 'We will as usual provide a fuller trading update by the end of January but, as we approach our year end, we expect adjusted profit before tax to be within the range of analyst forecasts at around €37m on revenues in the region of €250m (around €258m on a constant currency basis), which would represent increases of 61% and 65% on the prior year, respectively,' said Andrew Day, CEO of Keywords Studios.

At 8:41am: (LON:KWS) Keywords Studios share price was +44p at 1078p

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