Atari to acquire Thunderful Group

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According to their announcement, Atari is planning to purchase around 82% of Thunderful Group‘s existing shares and voting rights, amounting to roughly €4.5 million.

The Thunderful Group is made up of a worldwide games publishing company, five studios offering diverse creative and technical skills, as well as service-based operations. Among its over 20 unique properties are SteamWorld, ISLANDERS, Lost in Random, and Vampire’s Fall.

Atari’s chairman and CEO Wade Rosen stated in a press release that this transaction is another significant step forward for Atari, as it strengthens its publishing and development capacities within the European region. Thunderful, known for producing and developing highly-rated games, will contribute to Atari’s transformation plan. With their recognized quality and dedication, we are optimistic that Thunderful will resume a path of profitable growth, while also enhancing Atari’s operations in Europe.

Thunderful Group has unveiled a restructuring strategy aimed at streamlining their publishing and development operations. This move is intended to cut costs and boost cash flow. As part of this plan, Martin Walfisz, the company’s CEO, will step down from his position by December 31, 2025.

Here is the full transaction summary:

Transaction Summary

Through a directed share issue priced at SEK 0.15 per share, Atari will acquire around 82% ownership of Thunderful’s existing shares and votes, amounting to approximately 333,333,334 new ordinary shares. This transaction totals SEK 50 million (approximately €4.5 million).

The proposed transaction requires the approval of Thunderful’s shareholders during a special meeting, scheduled approximately for August 28, 2025 (referred to as the “special meeting” hereafter).

As a dedicated gamer, I’m thrilled to share some exciting news that’s been approved across the board – even by two significant shareholders, Owe Bergsten and Brjann Sigurgeirsson, who together hold a substantial 29.9% stake in our gaming company, Thunderful. These influential figures have made a firm promise to support all proposals and resolutions concerning a major transaction, at the Extraordinary General Meeting (EGM), as proposed by Thunderful’s Board of Directors. This commitment is irrevocable, ensuring a smoother path for this groundbreaking deal to proceed!

The Swedish Securities Council has given Atari permission not to have to submit a compulsory tender offer for the rest of the company’s shares under Swedish takeover regulations, allowing them to finalize the Transaction.

Given approval, the Transaction may be funded through Atari’s existing resources or by entering into a possible new loan agreement with IRATA LLC, which is Wade Rosen’s holding company; Wade Rosen being the Chairman and CEO of Atari, S.A.

About Thunderful Group

Thunderful Group AB, based in Gothenburg, Sweden and listed on the Nasdaq First North Premier Growth Market in Stockholm, specializes in creating and distributing top-tier digital games for PC and console platforms. With two primary business segments – Publishing and Co-Development & Services – Thunderful covers a substantial part of the game industry supply chain. For the year ending December 31st, 2024, the company reported revenues of SEK292 M (approximately €25M). Thunderful operates a global games publishing business, houses five creative and technologically diverse studios, and provides services. Its portfolio includes more than 20 intellectual properties such as SteamWorld, ISLANDERS, Lost in Random, and Vampire’s Fall. Today, the company unveiled a restructuring plan intended to streamline its publishing and development operations, ultimately aiming to lower costs and boost operational cash flow.

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2025-07-29 15:31