Thunderful Group enters into binding agreement regarding the acquisition of Jumpship Ltd
Thunderful Group (“Thunderful”) is today announcing that it has entered into a binding agreement regarding the acquisition of all shares in the British game development studio Jumpship Ltd (“Jumpship”).
Jumpship, headquartered in Guildford, UK, was formed in 2017. Jumpship is a game development studio with around 25 employees, and today the company is launching its first game, the sci-fi adventure Somerville. The founders and sellers of the majority of the shares in Jumpship are Chris Olsen, creator of the Somerville universe, and Dino Patti, former CEO and co-founder of the game development studio Playdead, the developer behind successful titles such as Limbo and Inside. The remaining shares in Jumpship are being acquired from three minority shareholders.
Thunderful is paying an initial consideration of 6 MGBP on a cash- and debt-free basis. In addition to this initial consideration, an additional earn-out component of up to 24 MGBP for the period November 2022 to December 2027 may be payable to the sellers. The sellers may receive a maximum of 50% of EBIT per financial year until an accumulated EBIT of 12 MGBP has been reached. For EBIT in excess of 12 MGBP and up to 24 MGBP, an amount of 75% of EBIT per financial year will be paid. Thunderful will also make sure that existing shareholder loans totaling 2 MGBP are repaid to the relevant shareholders.
”As part of Thunderful Studios, Jumpship will retain entrepreneurial freedom and creative autonomy and continue to develop high-class, story-driven narrative games, while the studio will also have access to the support functions that Thunderful Games has built up in its integrated, decentralised structure,” says Anders Maiqvist interim CEO of Thunderful Group.
“I feel really good about the partnership with Thunderful and what it will do for Jumpship,” says Co-Founder and Executive Producer Dino Patti, who will also take on a role as Strategic Advisor in Thunderful Games.
“Our team sets its own course and it's great to find a partner that not only understands that but can truly support us. Thunderful's established relationships with key platform holders and expertise in putting games into the hands of players gives us an infrastructure where we can focus on what we do best: crafting games that challenge our audience both emotionally and intellectually” says Jumpship Studio Director Claire Boissiere.
The transaction is expected to be finalized during the course of the day.
Jumpship will be reported as part of the Thunderful Games segment, and Thunderful Group expects Jumpship to contribute with net revenues in excess of 70 MSEK in Q4 2022.
Advisers
Ernst & Young has acted as financial adviser and Setterwalls Advokatbyrå and Muckle LLP as legal advisers in connection with the transaction.
This information is such information as Thunderful Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07.25 CET on 15 November 2022.