Electronic Arts has completed its approximately $55 billion acquisition by an investor consortium comprising Saudi Arabia's Public Investment Fund, technology investment firm Silver Lake and Affinity Partners. The closing takes one of the video game industry’s largest publishers private and ends the trading of EA shares on the Nasdaq exchange.
The transaction closed nearly a year after the parties first announced the acquisition agreement in September 2025. EA shareholders approved the deal at a special meeting on December 22.
Shareholders who held EA common stock immediately before the merger became effective received $210 in cash for each share. The company said its stock had ceased trading and would be delisted from Nasdaq, leaving EA under the indirect ownership of the consortium rather than public-market investors.
The $55 Billion Valuation and Financing Structure
The headline figure represents an enterprise value of approximately $55 billion, rather than a $55 billion cash payment made solely by Saudi Arabia or PIF. Enterprise value generally reflects the value of a company’s operating business while accounting for elements such as equity, debt and cash.
Documents filed with the U.S. Securities and Exchange Commission when the agreement was announced showed that the acquisition would be financed through a combination of investor equity and debt. The consortium committed approximately $36 billion in equity, including the rollover of PIF’s existing 9.9% EA stake, alongside $20 billion in committed debt financing. About $18 billion of the debt was initially expected to be funded at closing.
EA’s proxy materials later described equity commitments totaling approximately $36.4 billion. Those commitments came separately from PIF and funds affiliated with Silver Lake and Affinity Partners, while lenders committed $20 billion to help finance the merger consideration and related costs.
A Major Expansion of PIF’s Gaming Exposure
The acquisition substantially increases PIF’s exposure to the global video game market. The Saudi sovereign wealth fund had already been an EA shareholder for more than five years before joining the consortium, and its existing interest was rolled into the private company as part of the transaction.
PIF has identified gaming and esports as priority investment areas within Saudi Arabia’s broader economic diversification plans. Its portfolio includes Savvy Games Group, which acquired mobile game company Scopely in 2023, as well as investments connected to game publishing, esports competitions and entertainment infrastructure.
Turqi Alnowaiser, PIF’s deputy governor and head of international investments, said: “Entertainment and sports are key areas of strategic focus for PIF, and are among the fastest growing and evolving sectors around the world. Together, the Consortium is uniquely positioned to be a long-term partner to EA’s management team in driving sustained growth and innovation for EA and the industry.”
Management Remains in Place After the Buyout
Andrew Wilson will remain EA’s chairman and chief executive following the acquisition, while the company will continue to be headquartered in Redwood City, California.
EA reported approximately $7.5 billion in GAAP net revenue for fiscal 2026. The company's portfolio includes EA Sports FC, Battlefield, Apex Legends, The Sims, Madden NFL, College Football, Need for Speed, Dragon Age and Formula 1, spanning sports, action, racing and live-service gaming.
Wilson said: "We're entering this next chapter from a position of strength with partners who share our vision and ambition. Together, we'll invest boldly, accelerate innovation, and build the next generation of games and experiences for the hundreds of millions of players and fans who inspire us every day."
Privatization Changes EA’s Reporting Environment
Private ownership could give EA more distance from the quarterly expectations placed on publicly traded companies. Management may have greater flexibility to pursue projects with longer development periods, but the transaction’s debt component will also introduce financing obligations that could shape future capital allocation.
Private ownership will also change how EA communicates its financial performance. The company will no longer follow the same quarterly reporting cycle required of Nasdaq-listed businesses, giving management greater flexibility over the timing and detail of public disclosures. EA may still be subject to certain regulatory, financing and investor-reporting obligations under its new ownership structure.
The acquisition marks a new chapter for EA as it transitions from public ownership to a privately held company backed by PIF, Silver Lake and Affinity Partners. The deal concludes one of the largest transactions in the video game industry's history and positions the publisher for its next phase under consortium ownership.
