Volition, the Illinois-based developer of the Saints Row series has been acquired by the European publishing company Koch Media as part of this week's THQ IP auction.

The final amount which the company lashed out on Volition was a hefty $22.3 million, beating Ubisoft who was also interested in the developer.

Former THQ executive Danny Bilson confirmed in November 2011 that work on Saints Row 4 had begun at Volition, which was promised to be even 'wilder' than the most recent addition addition to the Saints Row series, Saints Row: The Third.

Koch Media was also the winning bidder on the Metro series, which was purchased for $5.8 million. The latest game in the Metro series, Metro: Last Light, developed by 4A Games, is due for release in March 2013.

In case you have not heard already, THQ recently declared itself bankrupt and its assets were auctioned for sale on Wednesday. THQ will now close down completely.