Atari to acquire Thunderful Group

Atari has entered into an agreement with Thunderful Group to acquire approximately 82 percent of the outstanding shares and votes of Thunderful Group for approximately €4.5 million, the companies announced.

Thunderful Group encompasses a global games publishing business, five game studios with various creative and technological expertise, and a services business. Its 20-plus intellectual properties include SteamWorld, ISLANDERS, Lost in Random, and Vampire’s Fall.

“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 chairman and CEO 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 Group also announced a restructuring plan aiming at reorganizing its publishing and development operations, in order to reducing its cost base and improve operating cash flow. Company CEO Martin Walfisz will step down as CEO by December 31, 2025 in accordance with the restructuring plan.

Here is the full transaction summary:

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. Aktiemarknadsnamnden) 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.