Canadian games studio Piranha has been acquired by Enad Global 7 (EG7).

As revealed on the latter's website, the firm is being bought for CAD$31.7m ($24.23m), two-thirds of which will be paid out in cash while the remaining third will be EG7 shares.

Piranha will remain an independent entity, apparently, with EG7 saying that the acquisition will "significantly strengthen" its "development capacity in Canada." As a result of the deal, the Stockholm-based company will be gaining 65 members of staff from the Mechwarrior studio.

EG7 points to the continued success of that franchise for why it has decided to buy Piranha. The free-to-play MechWarrior Online has made CAD$75m ($57.9m) in revenue since its launch back in 2013.

Enad Global 7 might not be a familiar name to readers; this is the company formerly known as Toadman, who changed its name in January 2020. You may remember Toadman as the Stockholm-based publicly-listed company that bought British publisher Sold Out in November of last year.

The firm also developed Soulslike title Immortal: Unchained and has attracted investment from Multiplay and GAME vet Craig Fletcher.