Entertainment company Outfit7, which is popular for developing the widely-downloaded mobile application "My Talking Tom," recently announced that it had been purchased by a group of Asian investors, United Luck Consortium, for $1 billion.

Outfit7 Investments Ltd. was founded in the year 2009 and is based in Cyprus and London. SimilarWeb, a firm which works in-app analytics, named Outfit7 as the third most popular game publisher in a report last year.

It was previously rumored that Outfit7 was going to be acquired by a Chinese chemical firm Zhejiang Jinke Entertainment Culture. However, the company revealed at a press conference recently that it has sold a hundred percent of the company to the consortium of Asian investors under the leadership of Ou Yaping.

With operations in Slovenia, the United Kingdom, and China, Outfit7 boasts of more than 5.6 billion application downloads of its "Talking Tom and Friends" franchise worldwide and an employee base of around 200 people. The franchise has also amassed over 10.3 billion video views of its various branded content online.

"Talking Tom," which made its debut in the year 2010, became a massive hit as kids and adults learned how to play with the funny character of a cat, including prompting the cat to say amusing things about their friends or helping the cat do its daily chores.

The deal comes right after the company's best launch to date, "My Talking Hank." The application was launched on January 12 and features a new take on Outfit7's signature "tamagotchi-style mechanic."

Goldman Sachs International served as the exclusive financial advisor and Taylor Wessing LLP as the legal advisor to the company and its shareholders.