Just Cause 3 developer Avalanche Studios acquired by Nordisk Film

Just Cause developer Avalanche Studios has been purchased by Nordisk Film.

Nordisk Film announced today it is acquiring full ownership and shares of all three Avalanche Studios, including the one it opened last week in Sweden.

The company became the minority shareholder in Avalanche last year, when it purchased over $10 million of the studio's stock.

The acquisition is said to be worth €89 million ($103 million), according to GI.biz, with Avalanche Studios currently valued at €117 million ($136 million).

"This was simply the right offer, at the right time, from the right company," Avalanche CEO, Pim Holfve told GI.biz.

"We have worked closely with Nordisk Film as a minority owner for the past year, which has been a great experience. As good as we are at developing explosive open-world games, they have a 111-year history of working with companies within the creative industries, and bring with them a wealth of knowledge and experience."

Holfve went on to say Nordisk Film is "fully committed" to the studio's road map, and the developers will be able to maintain creative independence.

Avalanche released two games in 2015, Mad Max in September followed by Just Cause 3 in December. It was announced earlier this month the company was working alongside id Software on Rage 2.