Publisher Atari has announced a new agreement to acquire Swedish developer/publisher Thunderful, by acquiring 82% of their outstanding shares for €4.5 million (roughly 5.2m USD).
Thunderful encompasses a global games publishing business, five game studios with various creative and technological expertise, and a services business. The company owns a portfolio of over 20 intellectual properties including SteamWorld, ISLANDERS, Lost in Random, Vampire’s Fall, and more.
“This Transaction marks another important milestone in Atari’s development with the expansion of its publishing and development capabilities in the European region,” said Atari CEO and chairman Wade Rosen in a press release. “Thunderful is recognized for publishing and developing critically acclaimed games, and with the announced transformation plan, as well as the quality and commitment of Thunderful’s teams, we are confident that Thunderful will be returning to a profitable growth path while helping to further develop Atari operations in Europe.”
Thunderful also announced a restructuring at their company pending the new deal happening, in the goal of cost reductions and improved cash flow. Thunderful CEO Martin Walfisz will also step down by December 31, 2025 as part of the restructuring.
Here’s a rundown on the new deal:
Transaction summary
Under the terms of the subscription agreement, Atari will become the owner of approximately 82% of the outstanding shares and votes of Thunderful by way of a directed issuance of 333,333,334 new ordinary shares1 at a subscription price of SEK 0.15, corresponding to a total amount of SEK 50 million (approximately €4.5 million) (the “Transaction”).
The Transaction is subject to approval by Thunderful’s shareholders at an extraordinary general meeting (the “EGM”) which will be held on or about August 28, 2025 (the “EGM”).
The Transaction has received unanimous support from Thunderful’s Board of Directors, as well as from two of Thunderful’s existing largest shareholders, Owe Bergsten and Brjann Sigurgeirsson, who together own 29.9% of the capital and voting rights in the Company. Owe Bergsten and Brjann Sigurgeirsson have irrevocably committed to vote in favor at the EGM of all the proposals and resolutions by the Board of Directors of the Company relating to the Transaction.
To enable Atari to complete the Transaction without being required to make a mandatory bid offer for the remaining shares in the Company under Swedish takeover rules, the Swedish Securities Council (Sw. Aktiemarknadsnämnden) has granted Atari an exemption.
If approved, the Transaction will be financed either with Atari’s own resources or with a potential new loan agreement with IRATA LLC, the holding Company of Wade Rosen, Chairman and CEO of Atari, SA.
About Thunderful Group
Thunderful Group AB, listed on Nasdaq First North Premier Growth Market in Stockholm, Sweden (ticker: THUNDR) focuses on the publishing and development of high-quality digital games primarily for PC and console platforms. Headquartered in Gothenburg, Sweden, Thunderful spans a significant portion of the game industry value chain through its two main operating segments: Publishing and Co-Development & Services. For the fiscal year ending December 31st, 2024, the Company reported revenues of SEK292 M (approximately €25M). Thunderful encompasses a global games publishing business, five game studios with various creative and technological expertise, and a services business. The Company owns a portfolio of over 20 intellectual properties including SteamWorld, ISLANDERS, Lost in Random, and Vampire’s Fall, notably. Thunderful has also announced today a restructuring plan aiming at reorganizing its publishing and development operations, in view of reducing its cost base and improving operating cash flow.
