Atari Acquires Majority Stake in Thunderful Group, Expanding Its Reach in Europe

Atari invests in the Thunderful group

Atari has acquired an 82% stake in Swedish developer and publisher Thunderful Group for a reported €4.5 million. The agreement gives Atari majority control, marking a major step in the company’s strategic push into the European market.

The deal involves a directed issue of 333 million new ordinary shares in Thunderful at a subscription price of SEK 0.15, totaling SEK 50 million (around €4.5 million).

The transaction still needs approval at an Extraordinary General Meeting (EGM) scheduled for August 28, 2025, but it has already received unanimous backing from Thunderful’s board and key shareholders.

Notably, shareholders Owe Bergsten and Brjann Sigurgeirsson, who jointly hold nearly 30% of the company, have pledged to vote in favor.

Atari CEO Wade Rosen described the acquisition as a strategic opportunity to strengthen Atari’s publishing and development capabilities across Europe. He praised Thunderful’s track record of critically acclaimed titles like SteamWorld, ISLANDERS, Lost in Random, and Vampire’s Fall, and expressed confidence in the company’s potential to return to profitability through its ongoing transformation plan.

This move follows a rocky period for Thunderful. The company underwent two rounds of layoffs in 2024, citing the need to secure "long-term sustainability." Additionally, a restructuring plan is now underway, aimed at reducing operational costs and improving cash flow. As part of this, CEO Martin Walfisz is set to step down by the end of 2025.

Thunderful’s business spans five development studios and a global publishing arm, along with a services division. Despite recent challenges, it remains a notable force in the mid-tier European games scene and has been working to stabilize its finances and restructure for a leaner future.