Atari to acquire a 82.6% controlling interest in Thunderful Group for €4.5M

Atari has announced a €4.5 million investment to acquire an 82.6% stake in Thunderful Group, the Swedish publisher and developer known for Islanders, Lost in Random, and the SteamWorld series. 

The news was shared on GlobeNewswire, according to which, the deal will be executed via a directed share issue of 333,333,334 new ordinary shares at SEK 0.15 each, totaling the investment to SEK 50 million or €4.5 million.

This investment positions Atari as the majority owner of the company. The transaction has also received unanimous support from Thunderful’s board and two other shareholders, Brjann Sigurgeirsson and Owe Bergsten. Both shareholders hold a collective 29.9% of the company’s voting rights and hence have voted in favor.

Furthermore, the investment process was streamlined as Atari was granted an exemption by the Swedish Securities Council.

Atari’s CEO Wade Rosen dubbed the acquisition a “milestone” in diversifying the company’s European publishing and development capacity. In a public statement, Rosen said:

“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.”

Thunderful reported an SEK 292 million or €25 million in revenue for 2024. The company oversees five development studios and holds a portfolio of over 20 IPs ranging from SteamWorld: Dig to Lost in Random.

However, Thunderful has also faced financial hurdles amid weak sales from recent releases like Lost in Random: The Eternal Die. Moreover, the company laid off 20% of its workforce in 2024.

Further layoffs are on the horizon over at Thundeful as the company enforces a restructuring plan to reduce costs by SEK 6 to 8 million in the second half of 2025, and SEK 40 to 45 million in 2026.

These cost-cutting measures will only hold up if the company lays off further staff across its game development and publishing sectors. Amid the overhaul, CEO Martin Walfisz will step down by December 31, 2025.

As for Atari, the company has enjoyed prosperous growth recently, with 2025 revenues reaching €33.6 million, up 63% year-over-year, as it has prioritized a shift to PC and console gaming, including the upcoming Mortal Kombat: Legacy Kollection and System Shock 2’s 25th Anniversary Remaster.