EA going private in $55 billion deal
A consortium that includes Saudi Arabia’s sovereign wealth fund has agreed to acquire the Battlefield and EA Sports FC maker in a deal worth $55 billion.
An investor consortium that includes Saudi Arabia's state-backed Public Investment Fund (PIF) has agreed to acquire Battlefield, Apex Legends, and EA Sports FC maker Electronic Arts for $55 billion.
Rumors of a deal began circulating last week and have now been confirmed by EA.
The U.S. publisher—which owns a number of development studios such as BioWare, DICE, Maxis, Motive, Respawn, and Criterion—has entered into a definitive agreement to be acquired by a consortium of investors that includes PIF, Silver Lake, and Affinity Partners.
The deal will take the form of an all-cash transaction that values EA at around $55 billion. EA said the move will enable it to "accelerate innovation and growth to build the future of entertainment" while delivering "compelling value" to all stockholders.
"Under the terms of the agreement, the Consortium will acquire 100 percent of EA, with PIF rolling over its existing 9.9 percent stake in the Company. EA stockholders will receive $210 per share in cash," said EA in a note to investors.
"The per share purchase price represents a 25 percent premium to EA’s unaffected share price of $168.32 at market close on September 25, 2025, the last fully unaffected trading day, and a premium to EA’s unaffected all-time high of $179.01 at market close on August 14, 2025."
The transaction is expected to complete in Q1 FY27 and remains subject to regulatory and stockholder approval. If the deal closes, EA will remain headquartered in Redwood City, California, and will continue to be led by CEO Andrew Wilson.
Commenting on the deal, Wilson said the transaction—which represents the largest all-cash sponsor take-private investment in history—is a "powerful recognition" of the remarkable work of EA employees, many of whom have been laid off in recent years.
"Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic IP, and created significant value for our business," said Wilson.
"This moment is a powerful recognition of their remarkable work. Looking ahead, we will continue to push the boundaries of entertainment, sports, and technology, unlocking new opportunities."
Human Rights Watch claims PIF has "facilitated and benefited from human rights abuses"
It's unclear how much control PIF will have over EA post-completion, but a spokesperson for the investment fund certainly indicated it will be heavily involved moving forward.
"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.
"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."
PIF already held a 9.9 percent stake in EA, which will now be rolled over as a result of the transaction.
The sovereign wealth fund, which bills itself as a "catalyst of change" on its website, is chaired by Saudi Arabia's de-facto ruler and crown prince Mohammed bin Salman.
As noted by The BBC, Mohammed bin Salman was linked to the murder of Washington Post journalist Jamal Khashoggi, who frequently criticized his policies and leadership.
Advocacy groups such as Amnesty International and Human Rights Watch have spoken out against Mohammed bin Salman and Saudi Arabia for (among other things) attempting to control the media, restricting free speech, legally prohibiting LGBTQ+ relationships and gender expression, outlawing protests and demonstrations, and discriminating against women.
Human Rights Watch specifically claims PIF "has facilitated and benefited directly from serious human rights abuses linked to Crown Prince Mohammed," and is being used as a tool to whitewash the country's "abysmal" human rights record.
PIF has heavily invested in the video game industry directly or through subsidiaries such as Savvy Games Group. Earlier this year, Savvy-owned publisher Scopely purchased Niantic's video game business and key franchises such as Pokemon Go. The wealth fund also owns stakes in Nintendo, Koei Tecmo, Capcom, Nexon, and Take-Two.