Shanghai-based publisher 37 Interactive Entertainment has acquired games companies Mokun Technology and Zhiming Network for a combined total of $198.1 million.
The publisher has purchased a controlling 68.43% stake in developer Mokun Technology for $161.08 million. The studio is known for developing action title Quanmingwushuang, which held the top spot of China's top grossing charts for several months.
37 Interactive has also acquired a 49% stake in browser and mobile games firm Zhiming Network for the comparatively smaller amount of $37.02 million.
Following the deals, the publisher plans to use an existing long-term agreement with Tencent to further expand its publishing efforts.
On the up
The news of these acquisitions came as part of 37 Interactive's financial report for its Q3 FY 16. The studio posted revenues of $180 million, up 10.43% year-on-year.
It entered the Chinese top 100 Internet Companies at number 18 in July 2016. It also ranked 2nd in China's browser games market, beaten only by Tencent.
Looking ahead, it will be utilising its new acquisitions to push on in the mobile market, and is exploring various avenues in the VR world.