Legacy video games brand Atari has entered into an agreement to buy European firm Thunderful Group.
The deal has taken the form of a directed share issue of SEK 50 million ($5.1 million) and sees Atari take control of 82 per cent of Thunderful’s outstanding shares. Thunderful’s board has given the deal the thumbs up.
“This Transaction marks another important milestone in Atari’s development with the expansion of its publishing and development capabilities in the European region,” Atari CEO and chair Wade Rosen said.
“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.”
At the same time as announcing its acquisition, Thunderful has enacted a restructuring operation that will see the company try to save between SEK 6 million ($615,700) and SEK 8 million ($821,000) for the second half of the 2025 financial year, and another SEK 40-to-45 million ($4.1-to-£4.6 million) during 2026. This includes job cuts, but Thunderful hasn’t said how many people are going to be impacted. This is the third round of restructuring that the company has undertaken in the last few years.
Related to this acquisition and restructuring, CEO Martin Walfisz is stepping down as the CEO of Thunderful. He took the role two years ago in August 2023.
“With the restructuring announced today, Thunderful is entering a new phase, and it is also an appropriate time for a change in leadership,” Thunderful chairman Patrick Svensk said.
“These two years turned out to be neither what Martin nor the board had hoped for, but despite facing extreme adversity, Martin has tackled his tasks with determination, loyalty, and hard work. I thank Martin for this and wish him the best of luck.”
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