Dieter Schoeller Buys Back Headup Games from Thunderful

The Swedish Thunderful Group is selling its German publishing subsidiary Headup Games to Microcuts Holding, which is backed by Headup founder Dieter Schoeller. Headups subsidiary Studio Fizbin will apparently remain part of the Thunderful Group.

In November, Thunderful announced that it was reviewing the sale of its German subsidiary Headup Games after only two and a half years. The review has now been completed and a buyer has been found. As Thunderful announced in a mandatory announcement, Headup Games will be acquired by Microcuts Holding GmbH. The company is backed by Dieter Schoeller, the founder of Headup who sold the company to Thunderful.

The formal purchase price is 500,000 Euros. Thunderful had paid a total of five million euros for Headup Games in February 2021 (in German) and committed to further payments depending on performance, meaning that a purchase price of up to eleven million euros would have been possible. In fact, Schoeller's claims under the earn-out agreement still amount to EUR 1.873 million, of which EUR 957,000 will be due upon completion of the sale. Thunderful and Microcuts have agreed that the purchase price of EUR 500,000 will be paid from these receivables. 457,000 will be paid. The remaining EUR 916,000 under the earn-out agreement is not due until 31 March 2025.

In addition to the company, the agreement includes a catalogue of approximately 80 games and five projects in development, including financing commitments. Under the terms of the agreement, Thunderful will retain control of certain assets and IP. In addition, Thunderful will receive up to €300,000 in revenue from an as yet unannounced project. In total, the sale means that Thunderful is giving up IPs worth four million euros on the company's books, which will have to be recognised as a loss.

Although the deal has been finalised, it is subject to a number of factors. For example, Thunderful's shareholders must approve the deal. This will take place at an extraordinary general meeting, for which invitations have yet to be sent out. Another condition is the transfer of Studio Fizbin to the Thunderful Group. The German indie developer, with offices in Ludwigsburg and Berlin, has been part of the group since 2023 (in German), but was formally acquired via subsidiary Headup Games. Fizbin thus remains part of the Swedish group. Last but not least, three IP-related contracts will have to be rewritten, which will apparently require the approval of external parties. Thunderful did not disclose any details.