M&A Deal Summary

EQT Private Capital Asia, CPP Investments and Temasek Holdings Acquire Keywords Studios

On July 3, 2024, private equity firm EQT Private Capital Asia, pension CPP Investments and sovereign wealth fund Temasek Holdings acquired digital media company Keywords Studios for 2.1B GBP

Acquisition Highlights
  • This is EQT Private Capital Asia’s 2nd, CPP Investments’ 2nd and Temasek Holdings’ 2nd transaction in the Digital Media sector.
  • This is EQT Private Capital Asia’s 3rd, CPP Investments’ 15th and Temasek Holdings’ 0th largest (disclosed) transaction.
  • This is EQT Private Capital Asia’s 1st, CPP Investments’ 1st and Temasek Holdings’ 1st transaction in Ireland.

M&A Deal Summary

Date 2024-07-03
Target Keywords Studios
Sector Digital Media
Buyer(s) EQT Private Capital Asia
CPP Investments
Temasek Holdings
Deal Type Going Private
Deal Value 2.1B GBP
Advisor(s) Robey Warshaw
Deutsche Numis (Financial)
DLA Piper
Simpson Thacher & Bartlett (Legal)

Target

Keywords Studios

Dublin, Ireland
Keywords Studios is an international technical services provider to the global video games industry. The company provides integrated art creation, localization, testing, audio, and customer care services across 50 languages and 14 game platforms to a blue-chip client base in more than 15 countries. Keywords Studios was founded in 1998 and is based in Dublin, Ireland.

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Buyer(S) 3

Buyer

EQT Private Capital Asia

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT Private Capital Asia is an Asia-focused private equity group specializing in growth equity investments and buyouts of companies valued between $300 million and $1.5 billion. Baring looks for companies that require capital for organic expansion, recapitalizations, or to fund acquisitions. The Group's geographic coverage spans China, India, Japan, Singapore, Hong Kong, and Taiwan. EQT Private Capital Asia was formed in 1997 and is based in Hong Kong.


DEAL STATS #
Overall 66 of 69
Sector: Digital Media M&A 2 of 2
Type: Going Private M&A Deals 10 of 11
Country: Ireland M&A 1 of 1
Year: 2024 M&A 3 of 6
Size (of disclosed) 3 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-05 Perficient

Saint Louis, Missouri, United States

Perficient is a digital transformation consulting firm serving Global 2000 and enterprise customers throughout North America with a broad array of information technology, management consulting, and creative services. Solutions include business intelligence and analytics, commerce, content management, custom applications, platform implementations, portals and collaboration, business integration and application program interfaces, management consulting, business process management, and customer relationship management, among others. Perficient was founded in 1999 and is based in St. Louis, Missouri.

Buy $3.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-16 PropertyGuru

Singapore, Singapore

PropertyGuru is an online property portal group focused on serving clients across Singapore, Malaysia, Indonesia, and Thailand. PropertyGuru was formed in 2006 and is based in Singapore.

Buy $1.1B
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 49 of 52
Sector: Digital Media M&A 2 of 2
Type: Going Private M&A Deals 10 of 10
Country: Ireland M&A 1 of 1
Year: 2024 M&A 2 of 4
Size (of disclosed) 15 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-06 Allete

Duluth, Minnesota, United States

Allete is an energy company operating Minnesota Power, an electric utility that serves 150,000 residents, 14 municipalities, and industrial customers. In addition to Minnesota Power, the company owns Superior Water, Light and Power, based in Superior, Wisconsin, Allete Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity. ALLETE was founded in 1906 and is based in Duluth, Minnesota.

Buy $6.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-04 AirTrunk

North Sydney, Australia

AirTrunk is an Asia Pacific data center platform operating 800MW of capacity committed to customers and owns land that can support over 1GW of future growth across the region. AirTrunk is based in North Sydney, Australia.

Buy AU$24.0B
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 496.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


DEAL STATS #
Overall 34 of 35
Sector: Digital Media M&A 2 of 2
Type: Going Private M&A Deals 1 of 1
Country: Ireland M&A 1 of 1
Year: 2024 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-21 Specialist Risk Group

London, United Kingdom

Specialist Risk Group is an integrated group of insurance intermediaries arranging specialist insurance for corporates and individuals operating in the U.K. and internationally. The group serves policyholders across multiple lines of business and specializes in creating solutions to challenging risk transfer questions. Specialist Risk Group is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-27 O2 Power

Gurugram, India

O2 Power is a renewable energy platform to develop and execute utility-scale renewable projects across solar, wind, and hybrid with good quality off-takers via both greenfield project development and M&A. O2 Power was founded in 2020 and is based in Gurugram, India.

Sell $1.5B