China's Internet giant Tencent announced on Tuesday that it will buy the controls of Supercell in a deal that values the leading Finnish game developer at about $10.2 billion.

Tencent and its partners will pay $8.6 billion to acquire up to 84 percent of Supercell, mostly from SoftBank Group Corp, which aims to use the proceeds from the deal to cut debt.

Supercell, developer of the hit title Clash of Clans, has topped the list of App Annie's Top 52 publishers for 2014 and 2015 and is one of the most profitable game developers in the world.

The Helsinki-based game developer said in March that posted a profit of $930 million on revenues of $2.3 billion in 2015.

It also claimed active daily users totaling 100 million around the world. Following the transaction, Supercell will be owned by the consortium and by Supercell's employees.

Supercell will retain its independent operations, the headquarters will remain in Helsinki, Finland and its existing team will continue to run all operations of the Company.

The transaction, which is currently expected to close during the third calendar quarter of 2016, is subject to customary regulatory approvals and closing conditions.

SoftBank will no longer own any shares in Supercell following the deal. Ilkka Paananen, CEO of Supercell, said in the statement that this new partnership offers them "exciting growth opportunities in China" where the company will be able to reach hundreds of millions of new gamers via Tencent's channels.

Martin Lau, president of Tencent, said: "We are excited that Supercell is joining our global network of game partners, and will preserve their independence and enhance their advantages, thus bringing even more exciting gaming experiences to players around the world. It is important to us that Supercell stays true to its roots by sustaining its unique culture, continuing to be headquartered in Finland, and representing its home proudly."