UK-based publisher Kasedo Games has acquired a majority stake in Warhammer 40,000: Mechanicus developer Bulwark Studios.
The two parties didn't provide details on the deal.
Kasedo was already acting as publisher for Bulwark's portfolio, with the two parties now working exclusively together going forward.
Kasedo is a fully owned subsidiary of Kalypso Media as its indie "digital first" publishing label. French studio Bulwark is Kasedo's first share acquisition.
Bulwark co-founder Emmanuel Monnereau commented: "The team at Kasedo Games have been really close to us since the beginning of our first project together and have continued to offer us a huge amount of support. As an indie studio it is a real pleasure to work with a flexible publisher capable of adapting and redefining their strategy as the project evolves.
"We're really excited about what we've been working on and this deal was just a natural progression that will allow both companies to forge forward and create quality games."
Kasedo MD Jonathan Hales added: "We are delighted to welcome Bulwark Studios into the Kasedo family and wider Kalypso Media Group. Having worked with Emmanuel, Jeremy [Guéry, co-founder] and team for the best part of a decade, we already know the quality that they deliver.
"Our next project together is already well underway and we have huge aspirations for its success. Knowing what we are due to announce next month and also the previous successes they have delivered for us in the past, it made total sense to do this deal now and invest in our bright collective future."