Setterwalls has assisted Thunderful Group in connection with the acquisition of the mobile games developer Early Morning Studio

Setterwalls has assisted Thunderful Group AB (”Thunderful”) in connection with the acquisition of the Stockholm based games developer Early Morning Studio, a company with an established record of success in the mobile gaming space.

Thunderful paid an initial consideration of SEK 80.0 million on a cash- and debt-free basis, whereof SEK 45.0 million were paid in cash and SEK 35.0 million are paid by set-off against newly issued shares in Thunderful. In addition to the initial consideration an additional earn-out component of maximum SEK 270.0 million may be paid out to the seller. The total maximum consideration for the transaction is therefore SEK 350.0 million.