Atari Agrees to Acquire Thunderful Group for $5.2M

Atari has entered a subscription agreement to acquire approximately 82% of Thunderful Group's shares for SEK 50 million, or roughly $5.2 million.

Atari positions the deal as a milestone. Wade Rosen, chairman and CEO of Atari, SA, called the transaction "another important milestone in Atari’s development" in the July 29, 2025 press release. The agreement has received unanimous support from Thunderful’s Board of Directors and two of its largest shareholders.

The subscription agreement remains subject to approval by Thunderful's shareholders. They will vote at an extraordinary general meeting scheduled for on or about August 28, 2025. The Swedish Securities Council has granted Atari an exception, allowing the transaction to proceed without a mandatory bid for the remaining shares.

Thunderful owns multiple studios and publishers. The company, founded in 2017 as a merger between Image & Form, Zoink, and Rising Star Games, currently owns development studios Coatsink, Early Morning Studio, Studio Fizbin, Thunderful Development, and To The Sky. It also owns publishers Rising Star Games and Thunderful Publishing and is best known for the SteamWorld series.

Thunderful has faced financial pressure. The company reported a 14.5% year-over-year drop in net revenue for Q2 2024 and operated at a deficit. Its most recent release, Lost In Random: The Eternal Die, which launched last month, has shown weaker sales than expected.

Thunderful has restructured repeatedly. The company underwent two restructuring programmes in 2024 to improve operative cash flow. Last year it sold off several subsidiaries, including Headup Games, all its distribution businesses, and Nordic Game Supply. CEO Martin Walfisz will step down from his role by the end of the calendar year.

Atari has expanded its portfolio through acquisitions in recent years. Previous deals include Nightdive Studio and Digital Eclipse. If approved, the Thunderful transaction will make Atari the majority shareholder of the Swedish group.