Until now, Azerion had a majority stake in the Habbo Hotel creator, though it has now secured a deal with Oyj for the remaining 49 per cent of shares.
The leadership team at Sulake will remain intact, as will its workforce of 96 people and it will continue to operate out of Helsinki, Finland.
"Sulake has proven to be a great fit for our gaming and ad tech platform, and Elisa has remained a very loyal and supportive partner over the past years," said Azerion CEO and co-founder Umut Akpinar.
"Together, we re-energised the game studio, which is now a profitable and flourishing business.
"We have full confidence in the current Sulake team. They are working well to develop a pipeline of new games while continuing to grow their existing games and communities.
"We support the decisions they are making and are committed to helping them achieve future plans."
Enjoy your stay
Currently, Habbo Hotel boasts more than 800,000 monthly active users across 115 countries. In October 2020, the networking title celebrated its 20th anniversary.
Moreover, Sulake's mobile title, Hotel Hideaway, has attracted 840,000 monthly active users.
"Azerion has been supporting us to grow and develop Habbo and Hotel Hideaway for over two years now so this acquisition feels like a natural continuation of our partnership," said Sulake CEO Valtteri Karu.
"We're happy to continue our journey with Azerion as there is a lot of synergy with Sulake and all the Azerion businesses.
"With Azerion's help and support, we were able to modernise Habbo and to ensure its future, whilst working as an independent unit having full control over design and development decisions.
"This year, we look forward to adding features and expanding Habbo and Hotel Hideaway. We will also be looking at possibilities to develop new games utilising our current game technology."