case / 17 Nov 2021

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

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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.

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