Asmodee acquires ATM Gaming in €180m deal to expand social board game portfolio

• Up to $80.2m in additional shares could be issued through a performance-based earn-out tied to future results.
• ATM Gaming is expected to generate at least $57.3m in net sales and more than $28.6min EBITDA in FY 2026 to 2027.
• The acquisition will be financed using Asmodee’s existing cash reserves. 

Board game giant Asmodee has agreed to acquire French publisher ATM Gaming SAS in a deal with a purchase price of €180 million ($206.3m).

The deal combines cash payments and the issuance of class B shares as the company deepens its position in the fast-growing social games segment.

Under the terms of the deal, €120m ($137.5m) will be paid in cash at closing alongside €30m ($34.3m) in newly issued class B shares. 

Moreover, a further €30m ($34.3m) will be paid in cash as a deferred payment scheduled for June 2027. The agreement also includes a performance-based earn-out of up to €70m ($80.2m), payable in additional class B shares depending on future results.

Building together 

ATM Gaming is known for party-style titles, including Speed Bac, Quickstop, Mouton Mouton and Pili Pili, which have gained traction in group and family play settings. 

The cash component of the acquisition will be financed using Asmodee’s existing cash reserves. The transaction is expected to close by the end of April 2026, subject to customary conditions.

For the financial year 2026 to 2027, ATM Gaming is projected to contribute at least €50m ($57.3m) in net sales and more than €25m ($28.6m) in EBITDA before synergies. 

“We share the same vision and values with the ATM Gaming team, combining an entrepreneurial mindset, global ambitions and a passion for creating shared experiences that bring people together," said Asmodee CEO Thomas Kœgler.

“This explains why we have been successfully working together for several years across select geographies. This acquisition further strengthens our position in the fast-growing category of social games..."

ATM Gaming founders commented: “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.”