EQT AB (publ) (OM:EQT) is in advanced discussions to buy Keywords Studios plc (AIM:KWS) for £2.2 billion ($2.79 billion), the companies said in a statement. EQT is negotiating over a possible cash offer of £25.50 per share of London-listed Keywords, the statement said. This offer represents a premium of about 73% over Keywords' closing share price of £14.70 on May 17, 2024.

EQT had previously made four unsolicited proposals for Keywords, all of which were rejected by the company's board, the statement said. The current offer represents a significant increase from the initial proposal, it added. After careful evaluation with its financial advisors, the Keywords board concluded that it "would be minded to recommend" the proposal to the company's shareholders, the statement said.