Keywords Studios acquires The Multiplayer Group from Improbable Worlds for $97.1M

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Keywords Studios, a global provider game and entertainment services, has acquired The Multiplayer Group, a division of Improbable, for $97.1 million.

MPG is a multiplayer game development studio based in Nottingham, United Kingdom. The acquisition, marks a strategic move by Keywords to bolster its Create division.

MPG, previously owned by Improbable Worlds Limited since 2019, is has expertise in developing multiplayer games and providing technology solutions to top-tier gaming studios and publishers like Activision Blizzard, Bethesda, Epic, and 2K. The acquisition aligns with 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 leadership team, including Andy Norman, Rocco Loscalzo, Vaughan O’Brien, and Roger Cheung, will continue to spearhead MPG’s operations post-acquisition. They are set to engage in a management incentive plan, linked to ambitious growth objectives over the next two years.

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.

Bertrand Bodson, CEO of Keywords Studios, said in a statement, “We are thrilled to welcome the MPG team to Keywords. MPG is a business that we have long admired for its high-quality