Saudi Arabia’s Public Investment Fund (PIF) and a consortium of investors have secured the final major regulatory approval for their proposed $55 billion acquisition of video game giant Electronic Arts (EA), paving the way for one of the biggest deals in gaming history to close this week.
According to a European Commission filing released on Friday, the investor group received clearance under the European Union’s foreign subsidy rules, removing one of the last remaining regulatory obstacles.
Electronic Arts also confirmed in a regulatory filing that, as of 30 July, it had obtained all approvals required to complete the transaction. The company expects the deal to close on or around 4 August, subject to the remaining customary closing conditions.
PIF to take over esports giant
The consortium is led by Saudi Arabia’s Public Investment Fund alongside private equity firm Silver Lake and Affinity Partners, the investment company founded by Jared Kushner. Under the agreement, PIF will hold a 93.4 per cent stake in EA, while Silver Lake and Affinity Partners will own 5.5 per cent and 1.1 per cent respectively.
The all-cash deal values EA at $210 per share. Once completed, Electronic Arts will cease trading on Nasdaq after more than three decades as a publicly listed company. Existing shareholders will receive cash for their holdings, while the publisher will become privately owned.
Major operational changes unlikely
Despite the change in ownership, the company is not expected to see any major operational changes right away. Chief Executive Andrew Wilson will remain in his role, EA’s headquarters will stay in Redwood City, California, and publishing brands such as EA Sports and EA Originals are expected to continue operating as they do today.
Industry observers believe becoming a private company could allow EA to focus more on long-term investments without the pressure of quarterly earnings reports and shareholder expectations. That could support future spending on game development, artificial intelligence and other digital entertainment initiatives.
Win for Saudi Kingdom?
The acquisition is also another major step in Saudi Arabia’s ambitions to become a global force in gaming. Through PIF, the Kingdom has invested heavily in game developers, esports companies and gaming infrastructure as part of its Vision 2030 strategy to diversify the economy beyond oil.
Adding EA to that portfolio would give the fund control of one of the world’s largest video game publishers, with popular franchises including EA Sports FC, Madden NFL, Apex Legends, Battlefield and The Sims.
The acquisition is backed by around $36 billion in equity and a further $20 billion in debt. While EA has not indicated any immediate changes to its business, industry observers believe the new ownership could place greater focus on its biggest franchises and long-term growth as the company adjusts to its new structure.
With regulatory approvals now complete and shareholders having already backed the transaction, the takeover is expected to be finalised on 4 August. Once the deal closes, EA will leave the Nasdaq after 37 years as a publicly listed company and begin operating as a privately owned business under the Saudi-led consortium.
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