Baker McKenzie Advises Asmodee on €180M Acquisition of French Board Game Publisher ATM Gaming

"Baker McKenzie advised Asmodee Group on its acquisition of French board game publisher ATM Gaming, known for titles such as Speed Bac/Quickstop, Mouton Mouton and Pili Pili. The deal, which aims to strengthen Asmodee’s position in the fast-growing social games segment and boost organic growth and margins, has an enterprise value of EUR 180 million (EUR 120m cash, EUR 30m Class B shares at closing, EUR 30m deferred cash in June 2027) plus a potential earn-out of up to EUR 70m in Class B shares. The Baker McKenzie team was led by Antoine Caillard (Paris) with cross-office support from Stockholm, Munich, Madrid and others across corporate, capital markets, IP, tax, employment and data protection teams. The firm noted its global capacity with more than 2,700 deal practitioners in 40+ jurisdictions."

Baker McKenzie acted as legal advisor to Asmodee Group AB (publ) in its acquisition of ATM Gaming SAS. The transaction sees Asmodee acquire French board‑game publisher ATM Gaming (known for titles such as Speed Bac/Quickstop, Mouton Mouton and Pili Pili). The enterprise value is EUR 180 million, comprised of EUR 120 million in cash, EUR 30 million in Asmodee class B shares issued at closing, and EUR 30 million as a deferred cash payment in June 2027; an additional performance‑based earn‑out of up to EUR 70 million may be payable in newly issued class B shares. The acquisition is intended to strengthen Asmodee’s global position in social games, contribute to organic growth and improve margins. The Baker McKenzie team included: Antoine Caillard (M&A senior counsel, Paris) — team lead; support from Stockholm led by Stefan Balazs (Capital Markets, Stockholm) and Carl Svernlöv (Corporate M&A, Stockholm). Other advisers: M&A/Corporate: Lina Chaif (M&A/Corporate, Paris), Philippe Frieden (M&A/Corporate, Paris), Carl Isaksson (M&A/Corporate, Stockholm), Tino Marz (M&A/Corporate, Munich), Erik Kuhn (M&A/Corporate, Munich), Carlos Martin (M&A/Corporate, Madrid); Capital Markets: Per Blom (Capital Markets, Stockholm); Data Protection: Magalie Dansac Le Clerc (Data Protection, Paris), Floriane Cruchet (Data Protection, Paris); Employment: Céline Ono (Employment, Paris); Intellectual Property: Pauline Celeyron (Intellectual Property, Paris), Marie de Combles de Nayves (Intellectual Property, Paris); Tax: Charles Baudoin (Tax, Paris), Samuel Lewin (Tax, Paris).

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Baker McKenzie Advises Asmodee on €180M Acquisition of French Board Game Publisher ATM Gaming

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Baker McKenzie Advises Asmodee on €180M Acquisition of French Board Game Publisher ATM Gaming

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