THQ Nordic has acquired Piranha Bytes, the studio behind the Gothic, Risen, and Elex series, the company announced.

The acquisition includes the development studio and all intellectual property rights. THQ Nordic and Piranha Bytes have agreed upon not disclosing the purchase price, but stated, “the purchase price equals c. three years of what management’s estimated royalty payments to Piranha for upcoming titles would have been, if the acquisition had not occurred.”

Piranha Bytes will remain an independent game development studio under the newly formed entity Piranha Bytes GmbH. The team will continue to focus on game development and have “full creative freedom in doing so,” whereas THQ Nordic will act as the studio’s publisher. The studio will continue to be led by CEO Michael Ruve and head of games Bjorn Pankratz, and all active owners will remain in their current roles.

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