EU Clears Saudi PIF's $55B Electronic Arts Buyout

The European Commission has approved Saudi Arabia's Public Investment Fund (PIF) acquisition of Electronic Arts (EA) under the EU Merger Regulation. The decision clears a major regulatory hurdle for the proposed $55 billion USD take-private deal. Regulators concluded the transaction would not raise competition concerns.

They stated the deal would have a limited impact on the markets where the companies operate. The case is registered as M.12213.

The acquisition covers EA's video game business across PC, mobile, and console platforms. It also includes the company's esports operations. Explaining its decision, the Commission noted, "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."

The transaction was reviewed under the normal merger review procedure.

PIF Set to Take Majority Control of EA

The acquisition was announced in September 2025 by a consortium comprising PIF, Silver Lake, and Affinity Partners, the investment firm founded by Jared Kushner. Once the transaction closes, PIF will own 93.4% of EA.

The deal is expected to become the largest leveraged buyout in history. It also follows reports that the European Commission was expected to clear the acquisition under the EU's Foreign Subsidies Regulation (FSR) after a preliminary review.

The Commission reviews mergers involving companies that do business in the European Union, regardless of where they are based. Deals that do not significantly reduce competition are approved without conditions. Transactions that could harm competition may require remedies or be blocked.

Deal Draws Attention Beyond EU Competition Review

The acquisition is another step in Saudi Arabia's Vision 2030 strategy. The plan aims to diversify the country's economy beyond oil through investments in gaming, tourism, sports, and infrastructure. PIF has steadily expanded its gaming portfolio in recent years.

The Commission's review focused only on competition law. The deal, however, continues to face political scrutiny elsewhere. Several U.S. politicians have urged the Federal Trade Commission to examine the acquisition closely.