Swedish games firm Thunderful Group has acquired Shadow Point developer Coatsink.

The Sunderland-based indie games specialist has been purchased for £23 million ($29.8 million). However, £11.5 million ($14.9 million) will be provided in cash, while the remaining £11.5 ($14.9 million) million will come in the form of Thunderful shares.

However, there is also an earn-out component to the deal, which makes it worth up to £65.5 million ($85 million). At a cap of £42.5 million ($55.1 million), the consideration is subject to Coatsink's financial performances in 2021 and 2022.

Currently, the developer has five announced and unannounced projects, including Jurassic World Aftermath and Transformers Battlegrounds. Coatsink will continue to operate as an independent studio.

Strong acquisition

”We have established a good relationship with the founders and key personnel of Coatsink and believe that their strong work ethics and corporate culture will be a very valuable strong complement to Thunderful’s existing businesses. Although it’s just a first step, this is a good example of how we intend to leverage the Group’s powerful cash flow going forward”, said Thunderful Group CEO Brjann Sigurgeirsson.