Keywords Studios Acquires The Multiplayer Group for $97.1M

The acquisition bolsters Keywords' expansion strategy, adding a strong player in the multiplayer gaming sphere to its portfolio.

Keywords Studios, a global provider of game and entertainment services, has acquired The Multiplayer Group (MPG), a division of Improbable, for $97.1 million. MPG is a multiplayer game development studio based in the UK, known for its expertise in developing multiplayer games and providing technology solutions to top-tier gaming studios and publishers.
The acquisition is part of Keywords' expansion strategy, adding a strong player in the multiplayer gaming sphere to its portfolio. MPG has grown significantly since its establishment in 2018, now boasting a workforce of over 360 globally distributed staff.
The acquisition, funded primarily through cash and Keywords’ existing revolving credit facility, is projected to contribute double-digit revenue growth in 2024. The transaction aligns with Keywords’ targeted valuation range of five to seven times EBITDA and is expected to be earnings per share (EPS) accretive in its first full year post-acquisition.
Improbable, the former owner of MPG, will focus on increasing in the range of 10 times the number of its public experimental metaverse events with the objective of finding repeatable formats that captivate audiences, generate revenue, and pave the way for a full year of activity building innovative and independent metaverse ventures.
MPG has worked on games including Mortal Kombat 1, Starfield, Call of Duty MWII and MW III, Fall Guys, Apex Legends, Firewall Ultra, Overwatch 2, The Elder Scrolls, Grounded, Sea of Thieves, Medal of Honor, Gotham Knights, Dying Light 2, Redfall and Lego 2K Drive.