The deal, valued at €180 million plus performance-based earn-outs, marks a significant move to strengthen Asmodee’s presence in the fast-growing social games category.
The acquisition is structured as a combination of cash and stock, with Asmodee paying €120 million in cash upfront, €30 million in newly issued Class B shares, and a deferred €30 million cash payment due in June 2027. An additional performance-based earn-out of up to €70 million may be paid out in shares over the next five years.
ATM Gaming has seen explosive growth recently, increasing both its sales and EBITDA tenfold over the past five years. In 2025, the publisher generated approximately €34 million in net sales and €17 million in EBITDA.
Asmodee expects the acquisition to be immediately margin-accretive. For the 2026/27 fiscal year, ATM Gaming is projected to contribute at least €50 million in net sales and over €25 million in EBITDA before synergies.
“ATM Gaming’s growing brands in Europe complement Asmodee’s global hits such as Exploding Kittens and Dobble. We share the same vision and values—combining an entrepreneurial mindset with a passion for creating shared experiences that bring people together.”
Thomas Kœgler, CEO of Asmodee
ATM Gaming is best known for its “digitally driven go-to-market model,” which has allowed it to scale rapidly across Europe. Its portfolio includes:
- Speed Bac / Quickstop
- Mouton Mouton
- Pili Pili
The acquisition allows Asmodee to leverage ATM Gaming’s digital marketing expertise and IP, while ATM Gaming will benefit from Asmodee’s massive global distribution network. Interestingly, the two companies have been partners since 2019, with Asmodee already handling roughly 10% of ATM Gaming’s distribution, primarily in Spain and Italy.
Andrea Gasparini, CFO of Asmodee, noted that the deal supports the company’s medium-term goal of reaching an adjusted EBITDA margin in excess of 18%.
“We expect that the acquisition will generate synergies primarily through leveraging ATM Gaming’s portfolio and innovatively driven go-to-market model and our global distribution.”
Andrea Gasparini, CFO of Asmodee
The deal is expected to close by the end of April 2026. ATM Gaming’s 46-person team, led by founders Ben, JB, Antoine, and Felix, will join Asmodee while remaining headquartered in Paris.
