Keywords Studios plc (AIM:KWS) acquired Climax Studios Limited Hyperion Capital Limited, Simon Gardner and James Sharman for £43 million on April 22, 2021. Under the terms of the acquisition, Keywords will pay a maximum consideration of up to £43 million, comprised of an initial consideration of £20.2 million in cash and the equivalent of £6.8 million in new ordinary shares. Deferred consideration of up to £16 million, in a mix of cash and new ordinary shares, will be payable based on growth targets being met over the year following completion. The vendors were Hyperion Capital Limited (82.5%), Simon Gardner (15%) and James Sharman (2.5%). Climax reported an adjusted EBITDA of £4.3 million in the year ended December 31, 2020. Stuart Skinner, Kevin Cruickshank and Will Baunton of Numis Securities acted as financial advisor for Keywords Studios. Keywords Studios plc (AIM:KWS) completed the acquisition of Climax Studios Limited Hyperion Capital Limited, Simon Gardner and James Sharman on April 22, 2021.