Investment Monitor

EU clears PIF acquisition of sole control of EA in $55bn deal

According to the Commission, the deal relates primarily to the production and distribution of video games for mobile devices, personal computers and consoles, as well as the organisation and commercialisation of esports competitions.

Saudi Arabia’s Public Investment Fund (PIF) has received European Union antitrust approval for its acquisition of sole control of video game publisher Electronic Arts (EA), in connection with a $55bn transaction announced in September 2025.

The European Commission said the transaction “would not raise competition concerns, given its limited impact on competition in the markets where the companies are active”.

EA first announced the agreement in September 2025, saying it had entered into a definitive agreement to be acquired in an all-cash transaction valued at approximately $55bn.

While the deal was announced by EA as involving a consortium made up of PIF, Silver Lake and Affinity Partners, the Commission notice refers specifically to PIF’s acquisition of sole control of the company for merger review purposes.

Under the terms announced by EA, investors are set to acquire 100% of the company, with PIF rolling over its existing 9.9% stake in EA.

EA stockholders are to receive $210 per share in cash, representing a 25% premium to the unaffected share price of $168.32 at the close of trading on 25 September 2025, the last fully unaffected trading day.

The offer also represents a premium to EA’s unaffected all-time high of $179.01 at the close of trading on 14 August 2025.

EA described the transaction as the largest all-cash sponsor take-private investment in history.

Funding for the deal consists of cash from PIF, Silver Lake and Affinity Partners, together with the roll-over of PIF’s existing EA stake, amounting to an equity investment of approximately $36bn.

This is alongside $20bn of debt financing fully and solely committed by JPMorgan Chase Bank, with $18bn expected to be funded at closing.

Following completion of the transaction, EA will remain headquartered in Redwood City, California.

At the time of the deal announcement, EA chairman and chief executive Andrew Wilson said: “Looking ahead, we will continue to push the boundaries of entertainment, sports, and technology, unlocking new opportunities. Together with our partners, we will create transformative experiences to inspire generations to come.”