Satoru Iwata said Nintendo prefers to build solid relations with third-party developers rather than launching out in acquisitions, according to an interview with French Les Echos.
The real worth of developers are the people who work there and since that talent always fluctuates, he says, getting the worth out of the investment is not always possible if that talent leaves. He said it's in Nintendo's best interest to instead create solid relations with developers in Japan and around the world.
Such recent relations include those with Kuju for the development of Advance Wars: Under Fire and n-Space for the development of Geist.