Swedish company Fragbite Group has acquired Dutch hyper-casual games studio Lucky Kat for $7.8 million. Lucky Kat has a portfolio of more than 200 million game downloads worldwide.

Lucky Kat was founded by brothers Herdjie and Hernan Zhou to work on VR, AR, and MMO games.

Lucky Kat strives to create casual and hyper-casual games while maintaining the highest quality standards and supporting its global player base.

Fragbite will pay a total of €5 million (about $5.6 million) in cash and €2 million (about $2.2 million) in shares.

Lucky Kat has proven that it can create games with data-driven solutions and is currently making its first game with play-to-earn mechanics. I believe that the rest of the Fragbite Group will benefit from the company’s know-how and expertise and that this acquisition will complement our group and create good synergies with our existing operations.

Stefan Tengvall, CEO of Fragbite

For his part, Herdjie Zhou, CEO of Lucky Kat added:

We are proud and excited to join the Fragbite group as we accelerate our growth in both mobile gaming and ‘play to earn’ games.

Herdjie Zhou, CEO of Lucky Kat