The European Union has approved the $55 billion acquisition of video game publisher Electronic Arts by Saudi Arabia’s Public Investment Fund (PIF), alongside US investment firms Silver Lake and Affinity Partners. The deal received the green light on July 23 under the EU Merger Regulation after a review found no competition concerns within the European market [1, 2, 3]. The European Commission stated, "The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active" [2].
This acquisition, structured as a leveraged buyout primarily financed through borrowed debt, would be the largest of its kind if completed, burdening EA with over $20 billion in debt post-transaction [1, 3, 4]. Following the closing, Saudi Arabia’s Public Investment Fund is expected to own over 93% of Electronic Arts, solidifying its controlling stake in the company [1, 4].
Affinity Partners, one of the US investors involved, was founded by Jared Kushner, adding a notable political dimension to the consortium [1, 5, 2, 4]. The European Commission’s assessment focused exclusively on the competition impact within the EU and did not address other concerns such as financial or ownership implications [3].
The acquisition reflects Saudi Arabia’s ongoing strategy to diversify its economy and expand its investments in the video game sector [5]. However, it has drawn criticism from human rights groups and video game industry unions, pointing to Saudi Arabia’s controversial human rights record and accusing the deal of attempts at sportswashing [1, 5, 2, 3].
The transaction still requires approvals from US regulators, including the Federal Trade Commission and the Committee on Foreign Investment in the US, before it can be completed [1, 3, 4]. Additionally, the European Commission is conducting a review under foreign subsidy rules, with a decision due by July 30 [4].
In December 2025, Electronic Arts shareholders had already overwhelmingly approved the $55 billion acquisition, clearing a major initial hurdle for the transaction [1, 4].
