Key Takeaways
1. Atari has invested €4.5 million to acquire an 82.6% stake in Thunderful Group, making it the majority owner.
2. The investment involves a share issue of 333,333,334 new ordinary shares, priced at SEK 0.15 each.
3. Thunderful has faced financial challenges, including disappointing sales and a 20% workforce reduction in 2024.
4. A restructuring plan is set to cut costs by SEK 6 to 8 million in late 2025 and SEK 40 to 45 million in 2026, with further layoffs expected.
5. Atari reported significant growth, with 2025 revenues reaching €33.6 million, up 63% from the previous year, as it shifts focus to PC and console gaming.
Atari has revealed a significant investment of €4.5 million to obtain an 82.6% ownership in Thunderful Group, the Swedish company known for titles like Islanders, Lost in Random, and the SteamWorld series.
Investment Details
According to GlobeNewswire, the transaction will involve a directed share issue of 333,333,334 new ordinary shares priced at SEK 0.15 each, bringing the total investment to SEK 50 million or €4.5 million.
This acquisition makes Atari the majority stakeholder in Thunderful. The deal has received full backing from the board of Thunderful, as well as from two major shareholders, Brjann Sigurgeirsson and Owe Bergsten, who together control 29.9% of the voting rights and have agreed to the deal.
Streamlined Process
Atari was able to simplify the investment process after receiving an exemption from the Swedish Securities Council. Wade Rosen, CEO of Atari, referred to this acquisition as a “milestone” in enhancing the company’s European publishing and development capabilities. In a statement, Rosen expressed:
“Thunderful is known for publishing and making critically praised games, and with the announced transformation plan alongside the talent and dedication of Thunderful’s teams, we trust that Thunderful will be back on a profitable growth track.”
Financial Overview
Thunderful reported revenue of SEK 292 million or €25 million for 2024. The company manages five development studios and has a portfolio that includes over 20 intellectual properties, ranging from SteamWorld: Dig to Lost in Random.
However, Thunderful has encountered financial difficulties due to disappointing sales from recent titles like Lost in Random: The Eternal Die. The company has also let go of 20% of its workforce in 2024.
Future Restructuring
More layoffs are anticipated at Thunderful as the company implements a restructuring plan aimed at cutting costs by SEK 6 to 8 million in the latter half of 2025, and SEK 40 to 45 million in 2026.
These cost-reduction strategies will likely necessitate further staff reductions in both game development and publishing areas. During this transition, CEO Martin Walfisz is expected to resign by December 31, 2025.
In contrast, Atari has seen robust growth, with revenues for 2025 reaching €33.6 million, a 63% increase compared to the previous year, highlighting its shift towards PC and console gaming, including upcoming titles like Mortal Kombat: Legacy Kollection and the 25th Anniversary Remaster of System Shock 2.
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