EA takeover crosses finish line

A consortium led by the Public Investment Fund has acquired Electronic Arts (EA) for USD 55 bn, closing the chapter on the largest leveraged buyout in history, according to a press release. The consortium is composed of Silver Lake and Jared Kushner’s Affinity Partners.

Last update: The news comes days after the European Commission approved the acquisition under the bloc’s Foreign Subsidies Regulation, and one week after the consortium clinched EU merger clearance.

“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,” Deputy Governor and Head of International Investments at PIF Turqi Alnowaiser said.

A long time coming: The consortium agreed to take EA private back in September 2025 in a leveraged buyout backed by some USD 36.4 bn in equity, USD 20 bn in fully underwritten debt, and PIF rolling over an existing 9.9% stake. Shareholders approved the move in December. In March, JPMorgan issued USD 15 bn of the debt — drawing over USD 50 bn in orders — after a bondholder challenge failed.

Advisors: JP Morgan Securities served as the consortium’s financial advisor and Kirkland & Ellis LLP served as counsel for the consortium. As for EA, Goldman Sachs was financial advisor and Wachtell, Lipton, Rosen & Katz served as legal counsel.