Asmodee acquires board game publisher ATM Gaming
Asmodee has entered into an agreement to acquire board game publisher ATM Gaming SAS, with hit titles such as Speed Bac/Quickstop, Mouton Mouton and Pili Pili. The acquisition further strengthens the global positioning of asmodee in social games, the fastest-growing category of the board games market, and is expected to contribute to the company’s organic growth engine while being margin accretive.
180 million purchase price
The purchase price, on a cash-free and debt-free basis, amounts to EUR 180 million, with payment in cash and issuance of class B shares. An additional performance-based earn-out of up to EUR 70 million may be payable in newly issued class B shares. For FY 26/27, ATM Gaming is expected to contribute at least EUR 50 million in net sales and in excess of EUR 25 million in EBITDA before synergies.
Key Rationale
- ATM Gaming is a leading player in social games, the fastest-growing category of the board games market.
- Asmodee is the best platform to unleash the full potential of ATM Gaming and asmodee will benefit from ATM Gaming’s IPs and digitally driven go-to-market know-how.
- The acquisition further strengthens the global positioning of asmodee in social games and is expected to contribute to the company’s organic growth engine while being margin accretive.
- For FY 26/27, ATM Gaming is expected to contribute at least EUR 50 million in net sales and in excess of EUR 25 million in EBITDA before synergies.
- Earn-out incentives for ATM Gaming are structured to be triggered upon achieving an average annual EBITDA of EUR 30-50 million over the next five years.
The Transaction in Summary
- The purchase price, on a cash-free and debt-free basis, amounts to EUR 180 million of which EUR 120 million will be paid in cash together with EUR 30 million in newly issued asmodee class B shares at closing, and EUR 30 million as a deferred payment which will be paid in cash in June 2027.
- An additional performance-based earn-out of up to EUR 70 million may be payable in newly issued asmodee class B shares.
- The cash consideration payable in connection with the acquisition is expected to be financed using the company’s available cash.
- Closing of the transaction is expected to be completed by the end of April 2026.
“We are thrilled to join asmodee, a trusted, long-time partner”, say founders of ATM Gaming Ben, JB, Antoine & Felix. “By combining our creative social games and digital marketing expertise with asmodee’s leadership in the tabletop games market, we are building a global leader in the social games category. We are eager to contribute to asmodee’s growth and bring our games to friends and families worldwide.”