Keywords buys video game development services provider Lakshya Digitalfor $4M

Dublin-headquartered Keywords Studios Plc, which provides technical services to the global video games industry, has acquired outsourced Gurgaon-based art services provider for the video games industry Lakshya Digital Pvt. Ltd for $4 million (Rs 25 crore).

As part of the acquisition, AIM-listed Keywords Studios has agreed to pay the shareholders of Lakshya $4 million in two tranches.

It has acquired 91 per cent stake in Lakshya for $3 million in cash and the remaining 9 per cent will be acquired for a total of $1 million in October 2015. Of this, up to $400,000 will be used to subscribe shares of Keywords at a price determined by the volume weighted average price per share in the five days prior to completion of this second stage. Two of the sellers of Lakshya will each be granted options over 450,000 shares of Keywords at the prevailing market price.

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