Perfect World acquires majority stake in Runic Games

Torchlight publisher Perfect World has announced it has acquired a majority stake in Runic Games, the development studio that created the game.

According to a statement from the company, made in conjunction with its first quarter financials, it has paid $8.4 million for its stake in the developer.

"As a part of our growth strategy, we continuously monitor the market for acquisition opportunities that will generate synergies with our core business," said Perfect World chairman and CEO Michael Chi.

"I am excited to announce some recent developments on this front. We recently made a strategic investment to acquire a majority stake in Runic Games, Inc. (Runic Games), a top-tier game development studio based in the US, to further strengthen our R&D capabilities.

"By collaborating more closely with Runic's professional team, we seek to combine their creativity and expertise in game development with our deep understanding of the online game market to create global titles."

"Runic Games has a team of experienced developers, including leads on Diablo, Diablo II, Diablo II: Lord of Destruction, Fate, Hellgate: London and Mythos," the statement continued.

"Runic Games has developed and released a single-player action-RPG Torchlight, and is currently developing the MMORPG version of Torchlight.

"This strategic investment will allow the company to further enhance its strong R&D capabilities, and leverage Runic Games' creative and professional development team to create global titles through enhanced control and a closer collaboration."

Torchlight has reportedly sold over 500,000 units since its release in October 2009.