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The Swedish game manufacturer Thunderful is selling all shares in the indie publisher Headup – to its founder Dieter Schoeller.
It has been clear since November 2023: The ailing, listed Thunderful Group AB is looking for a buyer for Headup GmbH – the publisher based in Düren, North Rhine-Westphalia, which was acquired in March 2021 and for award-winning games such as Bridge Constructor and Trüberbrook is known. Since then, discussions have been held with potential candidates.
As of today, three years later, it is clear: The buyer is the former seller. Because Headup founder Dieter Schoeller buys back the publisher and brings all shares, including the 25-strong workforce, into the existing Microcuts Holding GmbH. Part of the agreement is a rights package for around 80 game brands plus five as yet unannounced titles, some of whose sales Thunderful will continue to participate in the future.
The agreed purchase price is €500,000. However, because Schoeller is still entitled to bonuses of €1.8 million, Thunderful will initially transfer a tranche of €957,000 after the transaction is completed, which ultimately results in a 'dowry' of €457,000. A further €916,000 is due in March 2025 – partly in cash, partly in Thunderful shares.
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The deal has no immediate impact on the Swedes' financial situation because the spin-off from Headup has already been included in the most recent write-downs.
The reversal of the head-up takeover is subject to several conditions, including the approval of the extraordinary shareholders' meeting. Headup is also transferring Studio Fizbin, which was purchased in February 2023 and based in Berlin and Ludwigsburg, to Thunderful.
The Thunderful Group is undergoing an equally extensive and painful restructuring and savings program, which has already resulted in the reduction of 20 percent of jobs. The Swedish publisher will continue to be relevant for the German market because it markets titles from several local indie studios, including Megagon Industries (Lonely Mountains Downhill) and machine man (Curious expedition).
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