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Aussie video game developer advised on 85% stake sell
Johnson Winter & Slattery has advised the owner of video game developer Tantalus Media on the sale of an 85 per cent interest in Tantalus to Keywords Studios.
Emma Musgrave
Firms: Johnson Winter & Slattery (Tantalus Media); undisclosed (Keywords Studios).
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Deal: The owners of Tantalus Media have sold an 85 per cent stake in the company to Keywords Studios for a total consideration (comprising cash and scrip) of up to US$46.8 million.
Value: US$46.8 million.
Area: M&A, finance.
Key players: The Johnson Winter & Slattery team was led by partner Simon Haddy and included associate Rachel Cox.
Deal significance: Tantalus Media is a leading Australian video game developer, while Keywords Studio is a Dublin-headquartered international technical and creative services provider to the global video games industry.
“The investment will further the group’s strategy to become the ‘go to’ technical and creative services platform for the global video games industry and marks Keywords Studios’ entry into the Australian video games market,” a statement from Johnson Winter & Slattery said.
“Founded in 1994 and based in Melbourne, Tantalus is a leading and prolific developer of high quality, multi-platform titles.
“The studio has worked on close to 100 games, on every major platform since the Super Nintendo Entertainment System. Notable game franchises among the studio’s credits include Age of Empires, The Legend of Zelda: Twilight Princess, Cities Skylines, Sonic Mania and Mass Effect.”
Commenting further, Johnson Winter & Slattery lead partner Mr Haddy said: “Tantalus has grown to become one of the world’s leading independent development studios, and we are delighted to have helped the business now become an important part of the global Keywords Studios group”.
