Swedish firm Stillfront Group has acquired 100% of shares in online and mobile games developer eRepublik Labs for €7.5 million ($8.4 million).

The money will be paid with €4.05 million in cash with the remaining €3.45 million in newly issued shares in Stillfront.

The deal could cost a further €13 million ($14.5 million) in earn outs if certain targets are met.

Age of acquisition

eRepublik has was formed in 2007 by Alexis Bonte and George Lemnaru. The company currently houses 34 staff in offices across Dublin, Ireland and Bucharest, Romania.

Its titles include mobile titles World at War: WW2 Strategy MMO and Age of Lords (pictured), as well as browser-based free-to-play strategy game eRepublik.com.

The studio claimed revenues of €2.5 million for 2016 and has generated €0.9 million for the period of January 2017 to March 2017.

The existing management team is expected to continue leading the company going forward.

Agnitio Capital acted as financial advisor to eRepublik Labs in the transaction.