Barcelona smartphone games developer Social Point has been acquired by Take-Two for $250 million. The deal is a combination of cash ($175 million) and shares ($75 million) with further earn-outs of $25.9 million.

Social Point, whose games include Dragon Land and Monster Legends, was founded in 2008 and is led by co-CEOs Horacio Martos and Andrés Bou. It employs 270 people.

Take-Two, the company behind the Grand Theft Auto series, said the acquisition marks the firm’s diversification into mobile gaming.

“Social Point is one of the few mobile game developers that has a proven track record of growing revenues and delivering multiple hits, and we expect this growth to continue given the company's exciting development pipeline,” commented Take-Two CEO Strauss Zelnick.

“Take-Two is one of the interactive entertainment industry’s premier publishers, whose labels are renowned throughout the world for their ability to create some of the most successful and beloved entertainment experiences on consoles and PC,” said Martos Andrés Bou in a statement. The CEOs will remain with the company but are eligible for earn out consideration.

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