Atari to purchase Thunderful Group in a transaction valued at $5.2 million

Atari has reached an agreement to purchase around 82% of shares in Thunderful Group, a Swedish gaming company, in a deal valued at SEK 50 million, equivalent to about $5.2 million.

This development was publicized through a press release on July 29. Atari's chairman and CEO, Wade Rosen, described the acquisition as an "important milestone" for the company.

The completion of this subscription agreement hinges on receiving approval from Thunderful's shareholders at an "extraordinary general meeting," expected around August 28, 2025.

If sanctioned, Atari will gain majority ownership in Thunderful Group, known for its development studios such as Coatsink, Early Morning Studio, Studio Fizbin, Thunderful Development, and To The Sky. The group also includes publishers Rising Star Games and Thunderful Publishing.

The timing of this investment aligns with a period of financial challenge for Thunderful, which experienced a 14.5% decline in net revenue year-on-year in the second quarter of 2024 and implemented two restructuring programs in the same timeframe.

Last year, Thunderful divested several subsidiaries, including Headup Games, all distribution businesses, and Nordic Game Supply.

The agreement has garnered "unanimous support" from Thunderful’s Board of Directors and two major shareholders holding a combined 29.9% stake, namely Bergsala founder Owe Bergsten and former Thunderful Group CEO Brjann Sigurgeirsson.

Sigurgeirsson resigned from the CEO position in 2022 after a first-half year net loss of SEK 20.7 million, transitioning to a franchise director role focusing on SteamWorld before quietly leaving the company in 2024.