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New Delhi: It’s not often you see a retro gaming legend making modern industry waves, but that’s exactly what Atari is doing. The company behind hits like Pong and Centipede is set to take control of Sweden’s Thunderful Group AB, the publisher behind the popular SteamWorld series, through a share deal worth SEK 50 million, or about ₹38.25 crore.
This major investment gives Atari a whopping 82 percent ownership in Thunderful, if the deal gets shareholder approval later next month. But it’s not all celebration, Thunderful, which has struggled with low game sales and mounting losses, is already swinging the axe on jobs as part of a wider cost-cutting move.
Under the agreement, Atari will acquire 333 crore new shares in Thunderful at SEK 0.15 each. The move still needs a green light at an Extraordinary General Meeting (EGM) scheduled for around August 28, 2025.
The Swedish Securities Council has already approved an exemption to allow Atari to go ahead with the deal without needing to make a full takeover offer. Two of Thunderful’s top shareholders, Owe Bergsten and Brjann Sigurgeirsson, who together own nearly 30 per cent, have pledged support for the deal.
Atari CEO Wade Rosen called it “another important milestone,” saying, “Thunderful is recognized for publishing and developing critically acclaimed games... We are confident Thunderful will be returning to a profitable growth path.”
But behind the scenes, things at Thunderful aren’t running so smoothly. On the same day it confirmed Atari’s investment, the company announced a restructuring plan that includes layoffs across its publishing business and game studios.
Chairman Patrick Svensk acknowledged the hard decision, saying, “It is unfortunate to have to implement further operational measures that affect some of our colleagues.”
Sales of Thunderful’s latest game, Lost in Random: The Eternal Die, were weaker than expected, adding more pressure. In Q2 2025, the publisher’s revenue dropped to SEK 38 million from SEK 58 million the same quarter last year. By June-end, the company had just SEK 32 million in liquidity and SEK 85 million in debt.
The restructuring is expected to save SEK 6–8 million this year and up to SEK 45 million in 2026. The company says its game release pipeline won’t be affected.
Thunderful still owns a strong lineup of IPs including ISLANDERS, Vampire’s Fall, and of course, the SteamWorld franchise. But with Atari stepping in, the real question is what direction this European publisher now takes, and whether the classic gaming brand’s bet on modern expansion pays off.
