The Zagreb-based game development company Nanobit is becoming a part of the world's leading gaming company, Sweden's Stillfront Group, Nanobit announced in a statement on Thursday, adding that the US$148m transaction will be carried out in two tranches.

According to the statement, Stillfront will first buy 78 percent of the shares for $100 million and after two years it will buy the rest of the shares at a price that will depend on Nanobit’s EBITDA in the financial years 2021 and 2022.

Nanobit said it would continue operating as it had been. Its head office will remain in Zagreb, and the company will continue to realise its ambitious development plans in the future.

The company, established 12 years ago by Alan Sumina and Zoran Vucinic, said that this was one of the largest investments in the history of the Croatian ICT sector and that it put Zagreb on the world map of the gaming industry.

“The mobile gaming industry is growing rapidly and is becoming increasingly global. Being in a position to be able to choose a strategic partner, it is only natural that we chose the one that fits our culture and long-term vision. By joining Stillfront Group, Nanobit gains additional momentum that will allow us to continue to grow and develop new ambitious plans and projects. We look forward to teaming up with Stillfront to further accelerate the development of both Nanobit and Stillfront Group, while our employees get the opportunity to work with some of the best in the industry,” Sumina and Vucinic said.