Technology, eSports, and event management outfit Millennial Esports has picked up an 82.5 percent stake in Eden Games for €9 million ($10.6 million).
The deal will see Millennial pay €6.9 million ($8.15 million) in cash before issuing around €2.1 million ($2.48 million) worth of common shares to Eden's stakeholders.
Eden is the French developer-publisher best known for its work on racing franchises V-Rally and Test Drive Unlimited, although it also developed the 2008 horror effort, Alone in the Dark.
The studio's most recent release was a mobile racing title called Gear.Club, which will also launch on Nintendo Switch later this year. That shift towards portable and mobile platforms is what piqued Millennial's interest.
"Eden Games has an almost unrivaled reputation as an independent racing game developer with the huge critical and commercial success of both Test Drive Unlimited and V-Rally," explained Alex Igelman, CEO of Millennial Esports.
"Their successful recent move to mobile games with their first title Gear.Club brought them to our attention. This acquisition is just the first step in our investment in the platform."
The deal is part of Millennial's wider strategy to carve out a slice of the mobile eSports market, and is the firm's fourth European investment this year.
Indeed, the company has already invested in eSports content and event specialists O'Gaming, purchased Twitch research group Stream Hatchet, and acquired motorsport and gaming group Ideas+Cars.