New York based publisher Take-Two Interactive has acquired Barcelona-based mobile developer Social Point for $250 million.
The deal is made up of $175 million in cash and 1,480,168 unregistered shares of Take-Two common stock.
Senior management at Social Point will remain with the studio following the closure of the deal. While not explicitly stated, the developer will presumably continue to exist as its own entity.
Social Point is best known for developing games such as World Chef, Dragon City, Monster Legends and Dragon Land.
Diversifying its business
"With the acquisition of Social Point, Take-Two has further diversified its business, expanded its portfolio of owned intellectual property, and significantly enhanced its position in the fast-growing free-to-play mobile gaming space," said Strauss Zelnick, Chairman and CEO of Take-Two.
"The experienced team at Social Point shares our commitment to delighting consumers with high-quality entertainment, and we believe that Social Point's deeply-engaging mobile offerings will be a perfect complement to our business."
The publisher claims that Social Point generated $90.8 million in revenues in 2016 and has remained profitable since 2013. It expects that the developer will continue to grow through Take-Two's FY18.