Atari Acquires Majority Stake in Thunderful Group, Developers of SteamWorld Series

In a decisive business move, legendary video game publisher Atari has announced its intention to acquire a significant majority stake in Thunderful Group, the acclaimed Swedish studio behind the SteamWorld franchise.

The deal, officially confirmed through an Atari press release, will see the company acquire roughly 82% of Thunderful’s outstanding shares, valued at approximately €4.5 million.

Thunderful Group, founded in 2017 as a result of the merger of Image & Form, Zoink, and Rising Star Games, has become widely recognized for innovative titles like SteamWorld Dig and SteamWorld Heist.

The group's reputation in the Nintendo Switch ecosystem has been bolstered by consistent releases on the eShop and periodic highlights during Nintendo Direct presentations.

The Swedish Securities Council has permitted Atari to complete this transaction without the obligation to extend an offer for the remaining shares, expediting the acquisition process.

This exception signals regulatory confidence in both Atari’s proposal and Thunderful’s future prospects under new majority ownership. The timing of Atari’s investment comes against the backdrop of ongoing challenges at Thunderful Group.

In the press release that followed the announcement, Thunderful disclosed it has experienced operational deficits, prompting a company-wide restructuring effort “to improve operative cash flow.” This is the second restructuring in 2024 alone, with the most recent changes occurring in November. SteamWorld Heist II, Thunderful’s highly anticipated sequel, has seen reception below early forecasts, and the studio’s latest title, Lost In Random: The Eternal Die, released in May 2024, has similarly reported sales that failed to meet expectations.

Reflecting these headwinds, Thunderful Group CEO Martin Walfisz is set to step down from his position by the end of the year. Despite these difficulties, Thunderful has continued to broaden its portfolio.

The company recently confirmed plans to launch Viewfinder on the Nintendo Switch later in 2024, further demonstrating Thunderful’s commitment to Nintendo hardware platforms and its versatile partnership network. For Atari, this acquisition is part of a larger strategic growth pattern.

In recent years, Atari has successfully incorporated Nightdive Studio and Digital Eclipse into its brand.

Both studios have flourished following their integration into Atari’s corporate structure, suggesting a positive outlook for Thunderful’s future. This landmark move underscores the dynamic nature of game development and publishing, particularly for beloved franchises like SteamWorld.

As Thunderful Group enters a new chapter under Atari’s majority ownership, the gaming community and industry analysts will be closely watching the upcoming releases and future directions, especially as Thunderful continues to deliver experiences for the Nintendo Switch and beyond.

Atari Thunderful SteamWorld Thunderful Group SteamWorld Heist II Nintendo Switch Lost In Random: The Eternal Die Viewfinder Image & Form Zoink Rising Star Games Nightdive Studio Digital Eclipse Martin Walfisz Swedish Securities Council