Asmodee has finalized the acquisition of 100% of the French publisher ATM Gaming, marking the group's first major strategic move since its recent listing on the Stockholm stock exchange. The transaction is structured as an all-equity deal, combining an initial cash payment, newly issued Asmodee shares, and a deferred payment component. This acquisition allows Asmodee to significantly reinforce its position in the "party game" category, which is currently seeing the highest growth rates in the industry. The group anticipates strong financial performance from the target, with Revenue and EBITDA projected to grow by 47% in 2026, reaching €50 million in sales and an EBITDA of €25 million, maintaining a robust 50% EBITDA margin. The deal includes an earn-out mechanism based on the target's performance over the next five years, aligning the interests of the founders with the group's long-term profitability goals. Strategically, this move signals a resumption of Asmodee’s historical M&A program, which has historically accounted for nearly half of the group's total expansion. By integrating ATM Gaming’s popular titles, Asmodee intends to deploy these IPs across its global distribution network to maximize international sales.

Embracer Group has finalized the acquisition of 100% of the capital of Asmodee from funds managed by PAI Partners and various minority shareholders. This landmark transaction marks a major diversification for Embracer, bringing a global leader in board games into its digital-heavy ecosystem. The transaction was structured with a massive upfront payment consisting of cash and newly issued Embracer B shares. To ensure management continuity, the founders and key minority shareholders retained a small interest subject to specific put and call options exercisable over a six-year period. This day one consideration creates a powerful alignment between the French management team and the Swedish parent company. Strategically, the acquisition transforms Embracer into a cross-media powerhouse, allowing for the cross-pollination of IP between physical board games and digital video game adaptations. Asmodee continues to operate as an independent operative group under its existing leadership, maintaining its organizational structure while gaining access to Embracer’s vast technical and financial resources.

PAI Partners has reached an agreement to acquire a majority stake in Asmodee from Eurazeo, following a highly competitive auction process involving major private equity players and strategic investors. The transaction marks the successful conclusion of Eurazeo’s five-year holding period, during which the target underwent a massive transformation through more than 20 build-up acquisitions. Under the new ownership structure, the existing management team, led by CEO Stephane Carville, is expected to reinvest significantly, retaining approximately 30% of the capital. The strategic rationale for PAI Partners is to replicate the company's historical growth trajectory by further accelerating its international expansion, particularly in the United States, and deepening its penetration in the digital gaming and content licensing segments. The acquisition is supported by a robust financing package featuring a leverage level of approximately 6.0x EBITDA, highlighting the resilience and strong cash-flow generation of the board game sector. This move positions Asmodee as a central platform for future consolidation in the global tabletop gaming market.