Atari has entered a subscription agreement with Thunderful Group, agreeing to acquire approximately 82% of the Swedish game company’s shares for SEK 50 million (roughly $5.2 million).

Atari announced the agreement in a press release (via Global News Wire) on July 29, with Wade Rosen, chairman and CEO of Atari, SA, calling the transaction “another important milestone in Atari’s development.”

The subscription agreement is subject to approval by Thunderful’s shareholders, who will vote at an “extraordinary general meeting” to be held “on or about” August 28, 2025.

Should the agreement be approved, Atari will become the majority shareholder of the Thunderful Group, which currently owns development studios Coatsink, Early Morning Studio, Studio Fizbin, Thunderful Development, and To The Sky, as well as publishers Rising Star Games and Thunderful Publishing.

The investment couldn’t come at a better time for the Swedish company, which saw net revenue drop 14.5% YoY in Q2 2024 and which underwent two restructuring programmes the same year.

The company also sold off several of its subsidiaries last year, including Headup Games, all its distribution businesses, and Nordic Game Supply.

According to the press release, the agreement has received “unanimous support” from Thunderful’s Board of Directors and two of the company’s existing largest shareholders (who own 29.9% between them), Bergsala founder Owe Bergsten and the company’s co-founder and former Thunderful Group CEO Brjann Sigurgeirsson.

Sigurgeirsson stepped down from his position as CEO in 2022, following the company posting a net loss of SEK 20.7 million ($2 million) for the first half of the year, and moved into a franchise director role with a focus on SteamWorld, before quietly departing the company in 2024.