On Jan. 18, tech giant Microsoft announced plans to acquire Activision Blizzard Inc. for $68.7 billion in a deal that would include smash-hit franchises such as Call of Duty, Warcraft and Candy Crush.

Later that same month, Sony acquired game studio Bungie, creators of first-person shooter Overwatch and the original studio behind Halo, in a deal worth $3.6 billion.

Both acquisitions are significant in their own way, but some in the industry are now wondering where such expansionist moves leave Japanese rival Nintendo?

Founded in 1889, Nintendo is a relatively new enterprise compared to other businesses in Kyoto, where it is based. In the world of video games, however, it is the industry's oldest and most storied company.

The company initially cut its teeth on producing playing cards, but had already started to produce arcade games by the 1970s. Around the same time as Atari tanked in the United States with the video game crash of 1983, Nintendo released the Famicom console in Japan and video games were never the same again.

Throughout its history, Nintendo has always done things its own way. At its best, the company bucks trends and seeks to create an appetite for a product that’s completely new.

It’s perhaps not surprising than that while the other console makers are looking to unload dump trucks worth of cash on new acquisitions, Nintendo appears to be more sanguine. According to a Reuters report in early February, Nintendo President Shuntaro Furukawa appears to be circumspect about acquisitions, saying, "It wouldn't be a plus to suddenly bring in people who don't have Nintendo's way of thinking."

Nintendo isn't against acquiring studios per se, as can be seen in its acquisition of Monolith Software, creators of Xenosaga, from Bandai Namco in 2007.

However, the acquisition wasn't just some random purchase, as the two parties had been working together for some time.

Speaking at the time of the purchase, Satoru Iwata, then-president of Nintendo, clarified the company’s position on mergers and acquisitions.

"When we say we do not do M&A, there are always exceptions, so let me explain,” he said. “We have never said that we will never do M&A in any situation."

Iwata noted that Nintendo would consider an acquisition if it could "absorb the real value of the company."

Before the acquisition, Monolith Software had been in a long relationship with Nintendo and made games that suited its hardware.

"If certain conditions are met, we may do the same thing in the future," Iwata said. "However, we will be very careful and selective, so that we will only partner with people with whom Nintendo can create a long-term working relationship."

Corporate culture for Nintendo is key, as are relationships. In this regard, Nintendo doesn't see business as a way to produce short-term profit. Nintendo could snap up studios and slap the company’s logo on games, but it sets a high bar for creativity and quality. Ultimately, Nintendo takes time to ensure the games it produces with its new partners are airtight.

In late February, Nintendo made an acquisition of its own, purchasing longtime programming specialist Systems Research and Development. Nintendo's relationship with SRD stretches back four decades, with the programmer even being involved in making the original Super Mario Bros game.

In an official statement, the Kyoto-based gaming giant said the move "will serve to strengthen the management base of SRD and secure the availability of software development resources for Nintendo" as well as to help serve as "an anticipated improvement in software development efficiency."

For Nintendo, it's a move that carries little risk as it has been working with SRD since 1983. Such partnerships are an effective way for Nintendo to maintain its quality by making sure its studios — and the people working in them — continue to produce content at the same lofty standards as they have been over the years.

Nintendo won't risk of ruining what makes Nintendo, well, Nintendo. That’s far too special.