Saudi Arabia's Public Investment Fund has closed the largest leveraged buyout in history, a $55 billion cash acquisition of Electronic Arts that takes the publisher private and hands the Saudi state control of franchises including EA Sports FC, Madden NFL and The Sims. The deal, announced on 29 September 2025 and completed around 4 August 2026, surpasses the $45 billion TXU Energy take-private of 2007 and ranks second only to Microsoft's $68.7 billion Activision Blizzard purchase among gaming transactions.
The terms and the premium
EA shareholders received $210 per share in cash, a 25 percent premium to the unaffected closing price of $168.32 on 25 September 2025. The financing package split into roughly $36 billion to $36.4 billion of equity and $20 billion of debt, with JPMorgan Chase leading the debt arrangement and deploying about $18 billion at closing. The source does not disclose a break fee or any material conditions beyond regulatory clearance.
Ownership structure
PIF, which already held 9.9 percent of EA, now controls approximately 93.4 percent of the company. Silver Lake owns about 5 percent to 5.5 percent, while Affinity Partners, the investment firm founded by Jared Kushner that manages PIF capital, holds around 1 percent to 1.1 percent. The Kushner stake is financially small but politically symbolic, linking a flagship American cultural export to Trump-aligned capital and the Saudi state.
Regulatory path
European Union antitrust regulators cleared the transaction in July 2026. A Securities and Exchange Commission filing confirmed that all required approvals had been secured by 30 July 2026. EA's Nasdaq-listed shares have been bought out; the company will no longer trade publicly, freeing it from quarterly earnings pressure and allowing long-term restructuring under its new Saudi-controlled board.
Strategic rationale and Vision 2030
The buyout fits squarely within Vision 2030, Crown Prince Mohammed bin Salman's plan to diversify the Saudi economy away from oil. The kingdom's National Gaming and Esports Strategy, launched in September 2022, is backed by roughly $37.8 billion in committed investment channelled primarily through Savvy Games Group, a PIF-owned vehicle. Savvy's 2022 plan earmarked about $13.3 billion specifically to acquire a leading game publisher as a strategic partner. EA brings prized intellectual property, EA Sports FC, Madden NFL, Battlefield, The Sims and Apex Legends, plus hundreds of millions of players worldwide. Controlling those franchises gives Riyadh use over global sports culture, esports infrastructure and the data of young audiences across Europe, Africa, the Middle East and Latin America.
PIF's expanding gaming portfolio
PIF manages roughly $925 billion in assets and has been systematically building stakes across the gaming value chain. Its portfolio already includes positions in Nintendo, Take-Two Interactive and Embracer Group, plus control of ESL FACEIT Group, the world's largest esports business, through Savvy-backed acquisitions. The EA deal consolidates a publisher, a tournament operator and a distribution footprint under one sovereign owner, a structure that has already raised questions in Washington and Brussels about foreign influence over cultural infrastructure and youth engagement platforms.