So, not with money?

Hell, I dunno how they'd do it. I've never bought a game studio before, I don't know all the procedures. But it's not like it's an unrealistic proposition. Next Level isn't exactly Naughty Dog.

I guess Nintendo approaches them with a proposal: we'll give you more funding and supervision, and access to our IP as we see fit, if you agree to make games exclusively for our consoles and take on the projects we assign to you. If they like the idea, they do it. Same business for Wayforward -- "hey, I heard you wanna make a Metroid game; we can make that happen."

LOL, I assumed it was acquired because it didn't have Nintendo in the name...

Maybe... I don't know... Buying a big publisher like this one would be a rather expensive and messy endevour, even assuming they don't resist to it. From what I know, the most difficult part would actually be the whole restructuring and integration of the acquired company, not gathering the money required for the purchase. Because of this, I don't see Nintendo interested in buying any publisher in general... It would have to be quite a deal to be worth the trouble.

As Aielyn mentioned, maybe Sega would be enticing enough... But even that is still a big maybe from my point of view. Let's not forget that there are other alternatives, like what happened with THQ. Perhaps in that hypothetical scenario, Nintendo could just buy a few of their IPs and studios, and leave it at that.

The best chance of getting Team Ninja/Tecmo was right before they merged with Koei. I remember Square-Enix offering to do so, yet Tecmo though it would be better to pursue a fusion instead. Still, maybe a better offer would've convinced them... Who knows...

By the way, while we're talking about publishers, I always thought Level 5 was a perfect fit for Nintendo... But now that they're expanding their business operations, that possibility gets further and further away.

They should hire Warren Spector and create a new studio with him.

Now THAT would be interesting.