Atari offers $5.1m in bid to acquire Thunderful Group

• Atari is looking to acquire approximately 82% of outstanding shares and votes in Thunderful Group.
• The deal will depend on how shareholders vote in a meeting expected to take place on or around August 28th.

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Atari has entered into a subscription agreement to acquire Thunderful Group AB.

The deal will see Atari acquire approximately 82% of outstanding shares and votes in Thunderful for SEK 50 million ($5.1m). That is, provided approval is granted by shareholders at a meeting expected to take place in late August.

Thunderful’s two largest shareholders, Owe Bergsten and Brjann Sigurgeirsson, have already “irrevocably committed” to vote in support of the acquisition next month. Between them, they own almost 30% of voting rights and capital in the company.

Thunderful’s board of directors also gave unanimous approval for the deal.

Aiming for change

Thunderful’s games portfolio encompasses more than 20 IPs including SteamWorld, Lost in Random and Vampire’s Fall.

After a tough 2023, when the company made a net loss of nearly $60m, it went on to sell its distribution business in 2024. This means the embattled publisher has already divested from Thunderful 1, Thunderful Solutions, Amo Toys and Bergsala Aktiebolag.

Its potential acquisition by Atari comes as the company has focused in on games development and publishing.

Under Swedish takeover rules, Atari would typically be compelled to offer a deal for Thunderful’s remaining shares, not just the 82% of outstanding shares, but the Swedish Securities Council has given an exemption on this occasion.

This means the deal going ahead will all come down to shareholders’ votes.

If the acquisition is approved, it will either be financed by a loan agreement or by Atari’s resources.

“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 SA chairman and CEO Wade Rosen.

“Thunderful is recognised 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.”