Japanese telecommunications giant SoftBank is investing a boatload of cash in Clash of Clans developer Supercell, the company announced Tuesday.
SoftBank, along with GungHo Online Entertainment, a company it holds a majority stake in, have signed a deal with Finland-based Supercell (PDF) to acquire 51 percent of the developer for $1.53 billion. According to SoftBank, Supercell will continue to operate independently, but will become a SoftBank subsidiary.
Supercell has become a hot commodity in mobile gaming. The company's Clash of Clans and Hay Day have both hit the top in the App Store's Top Grossing ranking for games. Supercell was also the top iOS game developer between February and August, according to Apple's App Store rankings.
Under the terms of the deal, SoftBank and GungHo will establish a new company based in Finland. SoftBank will invest $1.224 billion, while GungHo will invest the remaining $306 million. That cash will then be used by the new company to acquire Supercell shares.
SoftBank hopes to close the deal later this month or early November, pending certain closing conditions.