Fieldfisher advises Thunderful Group on acquisition of German game developer | Fieldfisher
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Fieldfisher advises Thunderful Group on acquisition of German game developer




Thunderful Group AB, which specializes in entertainment products, is acquiring the renowned German games publisher and developer Headup GmbH. With the transaction with a total volume of approximately 11 million euros, the Nordic group of companies further expands its Thunderful Games segment. In the acquisition process, Thunderful Group was advised by Fieldfisher under the leadership of partner Dr. Sven Labudda.

Thunderful Group AB is a company based in Gothenburg, Sweden, specializing in the development and distribution of games. The group, which operates in the games industry and is divided into the business units Thunderful Distribution, specializing in the distribution of game consoles, games, game accessories and toys, and Thunderful Games, specializing in game development, is pursuing its long-term strategy to strengthen its own games segment with the acquisition of Headup. With the acquisition of the German game developer Headup, the Group is also strengthening its international position, expanding its network to include additional development studios and creating synergies in the publishing sector. The purchase price consists of a payment of 5 million euros and an earn-out component paid in 2021, 2022 and 2023, which is performance-dependent and in turn capped at 6 million euros. The earn-out component is payable in the amount of 2.5 million euros by issuing new shares in Thunderful Group AB and otherwise in cash, with a clawback mechanism for the shares.

Founded in 2009, Headup GmbH is a renowned publisher and game developer with prior year revenues of €4.2 million. Following the acquisition, the Cologne-based company will remain an independent game publishing and development company and will be reported as part of the Thunderful Games segment. In connection with the acquisition, Headup's CEO Dieter Schoeller will assume the role of Head of Publishing at Thunderful Games, responsible for Thunderful's publishing activities in Sweden and Germany. Headup's projects will be migrated into Thunderful's existing pipeline and are expected to build on previous successes, such as various awards in the "Best Game Publisher" category at the German Developer Awards.


Legal advisor Thunderful Group AB:

Fieldfisher: Dr. Sven Labudda (Corporate, Partner), Stephan Zimprich (IT/IP, Partner), Marcus Kamp (Labour, Partner), Dr. Bahne Sievers (IT/IP, Counsel), John Brunning (IT/IP, Partner), Ulf Marhenke (Corporate, Counsel), Leif Herzog (Corporate, Counsel), Dr. Sven-Alexander von Normann (IT/IP, Counsel), Jacob Feder (IT/IP, Associate), Lisa Herrmann (IP/IT, Associate), Anne Bremer (Labour, Associate)


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