Game developer Elex has been acquired by Chinese Universe Publishing and Media, allowing Tencent and Innovation Works to exit.

Publishing firm Chinese Universe Publishing and Media Company has acquired China-based game developer Elex Technology for RMB 2.7bn ($433m), granting an exit to shareholders including internet company Tencent, QQ Tech reported yesterday.

Founded in 2008, Elex develops and publishes social games for Facebook and Google. Its best known titles include Happy Harvest, Chi-Star and City Life.

The company’s main market is China, but it also develops games for 20 markets spanning Latin America, Europe and Asia Pacific and has 50 million active monthly users.

Elex formed a RMB 30m ($4.8m) research partnership with Tencent and technology incubator Innovation Works in 2010 that saw the two companies take a stake in Elex. It has not been disclosed how much each invested, or what returns they generated from their exits.

Chinese Universe reportedly paid for Elex through the transfer of 130 million shares and about RMB 1bn ($160m) in cash.