On November 4, 2024, Canada Pension Plan Investment Board (CPP Investments), alongside EQT, completed the £2.1 billion (approximately C$3.5 billion) acquisition of Keywords Studios, a global leader in video game services. This acquisition, announced on July 3, 2024, involved a recommended cash offer by Houting UK Limited (Bidco), a private company formed by EQT's BPEA Fund VIII, CPP Investments (through CPPIB PHI4), and Rosa Investments. The acquisition was implemented through a scheme of arrangement under the U.K.'s Companies Act, with Keywords Studios ceasing trading on AIM on October 24, 2024, and subsequently delisting from the London Stock Exchange.

Keywords Studios, a trusted service provider to major video game companies since its AIM listing in 2013, supported clients across the entire content development cycle. Under new ownership, the goal was to strengthen its global leadership and drive value creation.

J.P. Morgan Cazenove and HSBC acted as financial advisors to Bidco, with J.P. Morgan Cazenove receiving advisory support from global law firm Ashurst. Legal counsel was provided by Simpson Thacher & Bartlett LLP and Kirkland & Ellis. DLA Piper UK LLP advised Keywords Studios, with Deutsche Numis and Robey Warshaw as joint financial advisors. Freshfields Bruckhaus Deringer LLP advised CPP Investments, and Allen & Overy Shearman Sterling served as finance counsel to the Arranger.