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Splash Damage said Transformers: Reactivate is one of "several projects" in development.
Splash Damage has acquired Battalion 1944 and The Turing Test developer Bulkhead Games for an undisclosed fee.
The UK studio, which is owned by Chinese company Tencent, broke the news in a press release announcing new shooter Transformers: Reactivate.
Transformers: Reactivate was announced during The Game Awards 2022—see the full list of winners here—and is being developed by Splash Damage in collaboration with Bulkhead.
It's unclear when exactly Splash Damage purchased Bulkhead, with the studio simply explaining it "recently acquired" the Derby-based studio.
"The 500+ people strong development and publishing teams at Splash Damage and Bulkhead are expanding rapidly and Transformers: Reactivate is one of several original titles currently in development at the studios," reads a press release.
Transformers: Reactivate will be developed and published by Splash Damage, and is being pitched as a 1 to 4 player online co-op action game that will let players "explore a fresh, new story within the Transformers universe."
The shooter is expected to launch on PC and console platforms, although there's currently no word on when it'll make like an Autobot and roll out.
As for Bulkhead, the studio confirmed the acquisition in a brief post on social media, and said it's "proud" to be a part of Splash Damage.
"To be acquired by a developer of the games we grew up playing is an honor. Everyone at Bulkhead is ready to show the world what we're capable of with the right partner."
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