Global law firm Ashurst is advising J.P. Morgan Cazenove on the £2.1bn takeover of Keywords Studios Plc (Keywords Studios) by Houting UK Limited (Bidco), a newly formed company indirectly wholly-owned by EQT's BPEA Fund VIII. J.P. Morgan Cazenove is acting as financial adviser to Bidco.

Keywords Studios is a global provider of fully integrated creative and technology-enabled solutions to the video games and entertainment industries. Established in 1998, and now with over 70 facilities in 26 countries strategically located in Asia, Australia, the Americas, and Europe, it provides services across the entire content development life cycle through its Create, Globalize and Engage divisions to a large blue-chip client base across the globe.

EQT has a long and positive track record investing in the services and global technology industries. EQT is a leading services investor, with US$33.7 billion invested to date into 88 services portfolio investments globally with 33 exits across M&A and IPOs. EQT also has deep expertise investing in technology globally. Over the years, EQT has invested US$37.0 billion into 116 technology portfolio investments globally with 35 exits through the public and private markets.

The acquisition values the entire issued and to be issued ordinary share capital of Keywords Studios at approximately £2.1 billion on a fully diluted basis, and implies an enterprise value of approximately £2.2 billion and a multiple of approximately 15.9 times Keywords Studios' adjusted EBITDA for the 12-month period ended 31 December 2023 of £139 million.

The Ashurst team is being led by partners Tom Mercer and Tim Rennie, supported by counsel Darren Phelan, senior associate Colin Bugler and associates Sandile Sibya and Patrick Chambers.

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For further media information/interview opportunities please contact:

Suzanne Harley

D: +44 141 375 4748 | M: +44 7917 004 369

E suzanne.harley@ashurst.com

Notes to editors:

Ashurst is a leading global law firm with over 450 partners and a further 1,800 plus lawyers working across 11 different time zones. The firm's in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law.

Ashurst has 31 offices in 18 countries and offers the reach and insight of a global network, combined with the knowledge and understanding of local markets. As a global team, Ashurst has a reputation for successfully managing large and complex multi-jurisdictional transactions, disputes and projects and delivering integrated solutions that provide strategic value for clients.

The firm's people are its greatest asset and bring together global teams of experts across legal, risk consulting and NewLaw to deliver end-to-end solutions and provide the incisive advice clients need. Our focus is on getting to the heart of clients' commercial goals and on striving to go beyond matters of the law to deliver practical, holistic solutions.

About Ashurst Risk Advisory

Ashurst Risk Advisory is law firm Ashurst's consultancy business. Launched in Australia in 2020 and expanded into the UK in 2022, the 100 strong team of highly experienced, specialist risk consultants, provide integrated and holistic solutions to clients navigating the complexities of conducting businesses globally.

With offerings aligned to financial services regulation, workplace health and safety, ESG and sustainability, data and analytics and cyber and strategic risk, the global team help to guide clients through their most important opportunities and challenges.

Ashurst Risk Advisory Pty Ltd (ABN 74 996 309 133) and Ashurst Risk Advisory LLP (company number OC442883) provide services under the Ashurst Risk Advisory brand. Ashurst Risk Advisory services do not constitute legal services or legal advice, and are not provided by legal practitioners acting in that capacity.

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