Minecraft-gamesMicrosoft Corp. has reached an agreement to acquire Mojang, the Stockholm-based game developer behind the popular Minecraft franchise.

Under the terms of the agreement, the Mojang team will join Microsoft Studios. Microsoft will acquire Mojang for $2.5 billion, and expects the acquisition to be break-even in fiscal year 2015 on a GAAP basis. Subject to customary closing conditions and any regulatory review, the acquisition is expected to close later this year.

Available across multiple platforms, players have downloaded Minecraft more than 100 million times, on PC alone, since its launch in 2009. Minecraft is also the most popular online game on Xbox, and the game’s community is among the most active in the industry, with more than 2 billion hours played on Xbox 360 alone in the past two years.

Minecraft is one of the most popular franchises of all time,” said Phil Spencer, head of Xbox. “We are going to maintain Minecraft and its community in all the ways people love today, with a commitment to nurture and grow it long into the future.”

Microsoft plans to continue to make Minecraft available across all the platforms on which it is available today, including PC, iOS, Android, Xbox, and PlayStation.