EA's Acquisition by Public Investment Fund of Saudi Arabia Officially Approved by EU Commission

The European Commission has formally approved the proposed $55 billion leveraged buyout of Electronic Arts (EA) by the Public Investment Fund (PIF) of Saudi Arabia, greenlighting a transaction that also involves private equity firms Silver Lake and Affinity Partners, the investment vehicle associated with Jared Kushner. The PIF already held a roughly 10% stake in EA before the deal was announced; EA shareholders previously approved the sale and are expected to receive $210 per share once the transaction closes, which remains on track for completion in the first quarter of 2027.

“PIF is uniquely positioned in the global gaming and esports sectors, building and supporting ecosystems that connect fans, developers, and IP creators,” said Turqi Alnowaiser, Deputy Governor and Head of International Investments at PIF, when the acquisition was first announced. “PIF has demonstrated a strong commitment to these sectors, and this partnership will help further drive EA’s long-term growth, while fueling innovation within the industry on a global scale.”

The EU Commission’s approval rested on a market-impact assessment that found no significant competition concerns within the European Economic Area. Regulators noted the deal’s “limited impact on the European Economic Area and the [EA's] limited combined market position resulting from the proposed transaction,” a finding that helped clear a major regulatory hurdle for the acquisition.

Under the terms announced last September, the transaction is structured as a leveraged buyout valued at $55 billion. Alongside PIF, Silver Lake and Affinity Partners are named as financing partners. Prior to the proposed deal, PIF had already accumulated meaningful holdings in the gaming sector, including a 10% stake in EA and additional shares in major publishers such as Take-Two Interactive.

• Purchase price: $55 billion (leveraged buyout)
• Per-share consideration: $210 to EA shareholders
• Existing PIF stake in EA: ~10%
• Other parties involved: Silver Lake; Affinity Partners (Jared Kushner)
• Expected closing: First quarter of 2027

The announcement has reignited debates that have followed the deal since its unveiling. Industry observers and some policymakers have voiced concerns ranging from national security implications to potential creative and operational impacts on EA’s studios and franchises. Critics have questioned whether new ownership might influence editorial or creative decisions, though company communications at the time of announcement emphasized that EA would retain creative autonomy.

Market context underscores why the transaction drew intense scrutiny: the video game industry has experienced a wave of consolidation in recent years, with major deals reshaping ownership of high-profile studios and franchises. Regulators in Europe appear to have assessed that this particular combination will not materially alter competitive dynamics within the EEA, allowing the PIF-led consortium to proceed.

Looking ahead, the deal’s completion in early 2027 will shift EA from a publicly traded company to a privately held asset under PIF’s stewardship, with Silver Lake and Affinity Partners as financial backers. That transition will raise fresh questions for developers, players, and regulators about the long-term strategic direction of one of the largest global publishers in gaming, and whether the promised investments will translate into sustained innovation across EA’s portfolio.