HIT Blog

Thunderful Group sells game distributor Nordic Game Supply amid financial problems

Swedish holding company Thunderful Group continues to get rid of assets. A month after the sale of publisher Headup Games, the company has agreed to sell Nordic Game Supply.

The buyer will be Handelssselskabet, a company owned by Henrik Mathiasen, acting CEO of Nordic Game Supply.

Thunderful Group and Handelssselskabet have not yet determined the final price for Nordic Game Supply. It is currently expected to be SEK 76 million ($6.98 million), but that amount is under discussion.

Nordic Game Supply will be closed after the deal, but Handelssselskabet will retain all of its employees and most of the distributor's assets.

Thunderful Group expects to improve its financial position by selling Nordic Game Supply. In a preliminary report for the first quarter of 2024, it said that the holding company's revenue fell 28% to SEK391.7 million ($36 million) and adjusted EBITDA was negative - minus SEK28.9 million ($2.65 million).

Thunderful Group shares are now trading almost half as cheap as they were at the beginning of the week. Their value collapsed by 46.19% to SEK 2.05 ($0.19) per share.