PIF consortium to take Electronic Arts private in a record USD 55 bn buyout

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai-based Gems Education eyes Ajialuna Educational

Good morning, wonderful people. The Public Investment Fund’s biggest move in the gaming market has been confirmed, joining a consortium of heavy-hitters who will take US-based giant Electronic Arts private in a USD 55 bn agreement. We have the full details in this morning’s top story.

ALSO- Dar Global is to launch USD 1 bn Trump Plaza Jeddah, and SRC priced its second USD-denominated issuance this year valued at USD 2.5 bn. Let’s dive in.

HAPPENING TODAY-

Today is the last chance for businesses subject to VAT with more than SAR 40 mn in annual revenues to file their August tax returns. Late submissions may incur fines ranging from 5% to 25% of the declared taxes.

WEATHER- It is getting rainy again, with heavy showers pouring back over Asir starting today till weekend, with moderate to light rain over Jazan, Makkah, and Al Baha. Riyadh is expected to see temperatures as high as 40°C and as low as 25°C, while Jeddah’s mercury will go up to 38°C before cooling down to 28°C, and Makkah will witness a 42°C high and a 30°C low.

PSAs-

New requirements apply now to all land, sea, and air transportation rental offices, shelters, and related facilities, according to the Municipalities and Housing Ministry’s transport rental offices regs (pdf). The new requirements cover architectural design, parking spaces, and public safety, aiming to regulate the sector, attract more investments, and boost the quality of life in cities.

WATCH THIS SPACE-

#1- Dubai-based school operator Gems Education has submitted an initial bid to acquire local school firm Ajialuna Educational among other unnamed bidders, with finalization possible as early as November, Bloomberg reported yesterday, citing people familiar with the matter. Ajialuna’s majority owner, Sulaiman Alrajhi Holding, is said to be seeking a full exit.

Nothing is set in stone yet: Several local investors have also made non-binding offers for the Riyadh-based operator. Talks are ongoing, with finalization possible as early as November, though Sulaiman Alrajhi Holding could decide to hold onto the stake for longer, the sources said.

About Ajialuna: Founded in 2008, Ajialuna runs Al Forsan International Schools in Riyadh, Al Khobar, and most recently Jeddah. Its network offers international curricula from kindergarten to high school, catering to both Saudi families and expatriates and serving over 14k students across the Kingdom.

#2- Another one makes the leap: Nomu-listed Almuneef for Trade, Industry,Agriculture and Contracting said its board signed off on a plan to transfer to Tadawul’s main market, according to a bourse filing. The move remains subject to clearances and meeting the regulatory requirements for the upgrade. The company’s stock shed 2.7% on the news to close at SAR 7.30 yesterday.

IN CONTEXT- The upgrade adds Almuneef to the growing list of Nomu-listed names eyeing a move up Tadawul’s big league as they scale operations and seek deeper liquidity. ICT services provider Saudi Networkers Services also secured board approval for the move earlier this week, following in the footsteps of Gas Arabian Services, Saudi Azm and Obeikan Glass, and United Mining Industries which started trading on the main market earlier this year.

What it takes: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.

ALSO- Al Masar Al Shamil Education Company is gearing up to list 30% of its share, or 30.7 mn shares, on Tadawul, after it secured approval from the Capital Market Authority (CMA), according to a statement. The approval is valid for six months and will lapse if the listing and share sale are not completed within that timeframe.

OIL WATCH-

The Kingdom is expected to raise November’s official selling price (OSP) for Arab Light crude to Asia by USD 0.20-0.40 a barrel from October, bringing it to USD 2.40–2.60 above the Oman-Dubai benchmark, Reuters reported yesterday, citing a survey of six refiners. Other Saudi grades — Arab Extra Light, Arab Medium, and Arab Heavy — could also see increases of USD 0.30–0.60 a barrel for November.

REMEMBER- The move would partially reverse last month’s deeper-than-expected USD 1 cut, which set October’s Arab Light OSP at USD 2.20 / bbl — well below market forecasts of USD 2.50-2.80. The kingdom had raised the price in September by USD 1 a barrel to USD 3.20 / bbl above the Oman-Dubai benchmark, marking a second consecutive monthly hike before the sharp rollback.

Riyadh is expected to hold back from larger price hikes as it continues negotiations with buyers over the 2026 term supply, one refiner said. Elevated freight costs are also squeezing margins, limiting the room for Asian refiners to absorb higher crude prices.

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THE BIG STORY ABROAD-

The foreign press is leading with Donald Trump’s announcement that he and Israeli Prime Minister Benjamin Netanyahu have agreed on a US-brokered peace framework for Gaza — a 20-point plan that calls for an immediate ceasefire. Trump warned Hamas that Israel would have Washington’s “full support” to destroy Hamas if it rejects the deal. (Reuters | The Guardian | Bloomberg | Financial Times | Washington Post | BBC | New York Times)

Arab, Islamic FMs back Trump’s Gaza peace plan: Foreign ministers from Egypt, Jordan, the UAE, Indonesia, Pakistan, Turkey, Saudi Arabia, and Qatar issued a joint statement yesterday welcoming US President Donald Trump’s proposal to end the war in Gaza. The ministers said they “assert their confidence in his ability to find a path to peace” and underscored the importance of partnership with Washington in advancing regional stability. The FMs expressed their readiness to work with the US to finalize the agreement and ensure its implementation.

What’s in the plan? The 20-point plan — which secured Israeli backing last night — calls for an immediate ceasefire, a swap of Israeli and Palestinian captives, a staged Israeli withdrawal, and Hamas’ disarmament. It envisions Gaza run by a technocratic Palestinian committee backed by a “Board of Peace” chaired by Trump. Hamas is yet to respond to the proposal.

ON THE CLIMATE FRONT- Leaders from climate-vulnerable nations used the UN General Assembly to blast rich countries for falling short on funding commitments, Reuters reports. Developing countries’ leaders said the USD 100 bn pledged back in 2009 came too late and that the USD 300 bn target set for 2035 is nowhere near the USD 1 tn they estimate is needed annually by the end of the decade. We suspect climate action will be a frequent guest on the foreign pages in the weeks to come with COP30 less than two weeks away.

AND IN THE COURTS- Charlie Javice, the founder of student-loan fintech Frank, was sentenced to seven years in prison for defrauding JPMorgan in its USD 175 mn acquisition of her company. The 33-year-old entrepreneur was also ordered to pay USD 288 mn in restitution and forfeit another USD 22 mn, though the judge allowed her to remain free on bail pending appeal, citing her medical condition. (Financial Times | The Guardian | CNBC | New York Times | Reuters | Axios | Associated Press)

CIRCLE YOUR CALENDAR-

JeddahFintech Week will run between 16-17 November at Jeddah Hilton. The financial markets education event will feature over 50 workshops on investment strategies, fintech innovations, and risk management, gathering over 40 experts from 20 countries to share their insights.

PIF consortium to take EA private in USD 55 bn agreement

A consortium comprising the Public Investment Fund, US private equity firm Silver Lake and Affinity Partners signed an agreement to acquire US-based gaming giant Electronic Arts (EA), with the transaction valued at approximately USD 55 bn, EA said in a press release out yesterday. The agreement marks the largest leveraged buyout in history and also the biggest all-cash takeover announced this year. The agreement is USD 5 bn larger than previously anticipated, with news of the potential acquisition surfacing earlier this week.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Who’s paying what? The consortium will fund the acquisition with roughly USD 36 bn in equity and USD 20 bn in debt financing fully underwritten by JPMorgan Chase Bank, of which USD 18 bn to be funded at closing. The PIF will roll over its existing 9.9% stake in EA.

Priced at a premium: Current shareholders will receive USD 210 per share, representing a 25% premium over EA’s closing price on Thursday, 25 September, before news of the deal broke. The offer also exceeds the videomaker’s previous all-time high of USD 179.01 on 14 August.

BUT- Some argue the offer undervalues EA, when taking into consideration the upcoming launch of Battlefield 6 and a pipeline that could generate an additional USD 2 bn in bookings by FY 2028, Benchmark analysts told Reuters. “The board’s decision to recommend a sale at USD 210 per share suggests a prioritization of near-term certainty and legacy over maximizing long-term shareholder value,” Mike Hickey of The Benchmark told the Associated Press, referring to the firm’s pipeline strength and growth environment.

Not everyone agrees: Recent appreciation in share price is likely to have a limited effect, as the success of EA’s sports franchises and live services streams are already mostly priced in, the news agency quoted a research note from Nick McKay of Freedom Capital. “The financial backing and resources of the investor consortium should enable EA to increase its focus on long-term growth opportunities that may have been viewed as too risky or expensive as a public company,” Mckay added.

What’s next? The privatization — which is expected to close in 1Q 2027 after clearing regulatory and shareholder approvals — will not change the headquarters of the Redwood City-based company nor its CEO Andrew Wilson, who “doubled revenue… and driven a fivefold increase in market cap during his tenure,” Silver Lake’s co-chief Egon Durban said in the statement. EA will then be delisted from Nasdaq after close.

The rationale: EA — which owns blockbuster franchises such as EA Sports FC, Madden NFL, Need for Speed, and The Sims — is considered an attractive investment target for its “premier sports franchise, with accelerating revenue growth and strong and scaling free cashflow,” Durban said.

A comeback for megadeals? The agreement signs a potential return to mega transactions after “several years of fishing for opportunities down market due to market headwinds such as higher borrowing costs,” Reuters quotes private equity analyst at PitchBook Kyle Walters as saying.

To up EA’s profits and manage its new large debt load, the buyers are betting on AI to slash EA operating costs by replacing voice actors, creating game assets, and speeding up testing, the Financial Times reported, citing unnamed sources said to be involved in the transaction.

In case of breakup, EA would owe a USD 1 bn fee if its board reverses course, accepts a competing offer, or pursues another agreement within a year of shareholder rejection, according to terms cited by Reuters. The consortium faces the same penalty if regulatory hurdles delay closing beyond 28 September 2026, or if it fails to uphold its commitments, the newswire added.

Not gaming around: Saudi sees gaming as important for its diversification efforts under Vision 2030 and a way to expand its cultural footprint. The Kingdom’s investments in esports and competitive gaming saw it host the Esports World Cup recently and announce plans to host a Nations Cup for national teams. The fund’s gaming and esports unit, Savvy Games Group, acquired US-based Scopely in 2023 for USD 4.9 bn, which subsequently purchased rights to sensational hit Pokémon Go and several other titles from Niantic in a USD 3.5 bn transaction that closed in March.

ADVISORS- Goldman Sachs is serving as EA’s financial advisor, with Wachtell, Lipton, Rosen & Katz providing legal counsel. On the consortium side, JP Morgan Securities is acting as financial advisor. Kirkland & Ellis is serving as lead legal counsel for both the consortium and PIF, with additional counsel from Gibson, Dunn & Crutcher. Latham & Watkins and Simpson Thacher & Bartlett are advising Silver Lake, while Sidley Austin is acting for Affinity Partners.

Market reax: The California-based firm’s shares climbed 4.5%, closing at USD 202.05, pushing its market cap to some USD 48.4 bn.

Dar Global to build Trump Plaza in Jeddah as a cornerpiece of its anticipated Manhattan masterplan

Real estate developer Dar Global will launch the USD 1 bn mixed-use Trump Plaza Jeddah, marking the second collaboration with the Trump Organization, it said in a press release yesterday. The luxury development spans 28k sqm and will include apartments, townhouses, offices, a retail courtyard, and serviced units. No timeline was announced for the project.

Part of a master plan: The Plaza will be the centerpiece of Dar Al Arkan’s Manhattan masterplan on King Abdulaziz Road in central Jeddah, on a 1 mn sqm land, with the largest land transaction ever recorded in the city, chairman and co-founder Yousef Al Shelash told Aleqtisadiah. The masterplan — yet to be launched — features four districts connected by a walkable green spine inspired by New York’s Central Park and is designed as a mixed-use community, with residential, commercial, and retail districts.

The new project builds on the success of the Trump Tower in Jeddah — unveiled last December — featuring a 47-floor, 350-unit tower valued at SAR 2 bn (USD 532 mn) and scheduled for completion by December 2029. Dar Global is in the “final stages” of awarding the main construction contract, with preliminary enabling works are already underway by Jeddah-based Specialized Italian Foundation Company, under a contract awarded in February.

Dar Global has been busy lately: The real estate developer is rolling out USD 4.8 bn in new community projects in Riyadh and Jeddah via a joint development agreement with Dar Al Arkan, lifting its total gross development value to USD 12.5 bn. It also snapped up land plots in both cities for USD 390 mn in March. The company’s expansion follows joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a 3.5 mn sqm hotel project in Oman.

SRC prices USD 2.5 bn sukuk issuance

PIF-owned Saudi Real Estate Refinance Company (SRC) finalized the pricing of its second government-guaranteed USD-denominated international sukuk offering, it said on LinkedIn yesterday. The issuance — valued at USD 2.5 bn — was more than 5.5x oversubscribed and is part of SRC’s USD 5 bn International Sukuk Program.

What we know so far: The issuance is offered in two tranches, with USD 1.5 bn maturing in three and a half years and USD 1 bn maturing in 10 years. Additional details on yield rates and subscription rates were not disclosed.

Where will the funds go? The funds will be used to boost liquidity in the Saudi secondary mortgage market, support housing market sustainability, attract foreign investment, and integrate the Kingdom’s economy with global markets, the company said.

ICYMI- SRC finalized the pricing of its first government-guaranteed international Sukuk in February, valued at USD 2 bn.

Umm Al Qura extends SAR 4.5 bn facilities with Alinma Bank to 2029

Umm Al Qura stretches multi-bn Alinma debt: PIF-backed developer Umm Al Qura for Development and Construction struck a three-year extension on its Shariah-compliant facilities with Alinma Bank, according to a bourse disclosure. The rescheduling — which covers SAR 4.1 bn Ijara and SAR 400 mn Murabaha — was fully extended to July 2029 from an original 2026 maturity, and aims at “optimizing [the company’s] capital structure,” while enabling it to raise funding at competitive prices.” The debt will be guaranteed by real estate mortgage and promissory notes, the statement said.

IN CONTEXT- Umm Al Qura already drew SAR 2.6 bn from the combined facilities leaving another SAR 1.9 bn available. The liquidity push underscores the scale of Umm Al Qura’s 1.2 mn sqm redevelopment corridor in Makkah Masar Destination, which ranks among the Kingdom’s hyperscale urban schemes, alongside Diriyah, Qiddiya, and the Red Sea.

Other sources of finding: Alongside the refinancing, Umm Al Qura has been cashing-in on Masar land sales, striking a number of sales this month over the last few months, including five plots sold in late July for more than SAR 1.6 bn.

ICYMI- Umm Al Qura has been trading above its SAR 15 debut price since listing in March, closing at SAR 24.10 yesterday. The developer took a 9.1% stake to market, valued at SAR 2 bn, in what was the second largest IPO on Tadawul this year in terms of proceeds raised after Flynas’s SAR 4.1 bn debut. The developer’s share price is up xx% from its final IPO offer price of SAR 15.

IN OTHER DEBT NEWS-

The National Development Fund signed a SAR 3 bn credit facility with Saudi National Bank, bringing its total bank financing to SAR 13.5 bn, it said on X yesterday. The facility is set to support the work of the fund’s 12 affiliated development banks and funds, accelerate job-creating projects, promote private sector participation, and support economic diversification, according to the fund.

ICYMI- NDF inked a SAR 5 bn credit facility with Al Rajhi Bank and Arab National Bank in July, and later in the month signed a SAR 5.5 bn facility with Riyad Bank and Saudi Awwal Bank.

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Sukna + PFG to fuel tech SMEs growth in the Middle East via USD 50 mn deal

FINANCING-

Sukna Capital partners with PFG on regional SME financing initiative: Riyadh-based alternative investment platform Sukna Capital and global credit manager Partners for Growth (PFG) partnered to provide up to USD 50 mn in financing for high-potential technology companies and SMEs in Saudi Arabia and the broader Middle East region, it said in an emailed release (pdf) to EnterpriseAM.

The details: Sukna Capital will provide SMEs with shariah-compliant debt instruments — such as working capital lines of credit, contract financing, and term loans — through the Sukna Fund for Direct Financing, which it had launched in July. The fund is the Kingdom's first open-ended fund of its kind, designed to offer non-dilutive credit to growing businesses.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

M&A WATCH-

Intelligent Oud will obtain 100% of Thannah Trading for SAR 59.5 mn through the issuance of 1.2 mn new shares at SAR 50.83 apiece, it said in a Tadawul disclosure yesterday. The transaction, which is intended to support iOud’s expansion into the hospitality sector, is still subject to regulatory approvals. Preliminary approvals from the current shareholders — Afaq Food Fund and an individual shareholder — had been secured.

BACKGROUND- The Nomu-listed fragrance manufacturer signed a six-month, non-binding MoU with Afaq Food Fund in May to acquire Thannah via a share swap. Amwal Financial was tapped as iOud’s financial advisor and lead manager for the transaction.

STARTUP WATCH-

Homegrown digital authentication startup Sadq secures an additional USD 1 mn investment from Impact46, as an extension of a pre-Series A funding round in April, according to a press release published yesterday. Impact46 will seize the investment to forge synergies for its portfolio companies in digital infrastructure.

About Sadq: Founded in 2022 by Abdullah Allahuo (LinkedIn) and Salem Albadawi (LinkedIn), Sadq offers legally recognized digital signature and workflow authentication solutions that integrate with our National Single Sign-On (Nafath). The platform serves over 3.5k users, including firms such as Foodics, Ninja, Maharah, and D360 Bank.

OIL AND GAS-

Gov’t opens prequalification for natural gas network tenders: The Energy Ministry launched a pre-qualification process for tenders to license, develop, own, and operate natural gas distribution networks in five industrial cities, it said in a statement. The sites include Sudair City for Industry and Business, Al-Kharj Industrial City, and Jeddah’s First, Second, and Third Industrial Cities.

Interested companies have until 25 October to request prequalification documents, with full applications due by 29 November.

LOGISTICS-

The Saudi Ports Authority (Mawani) added Wan Hai Line’s FM1 shipping service to Jeddah Islamic Port, linking it to 10 regional and international ports, it said in a statement yesterday. The new service — with a capacity of 4.5k TEUs — will connect Jeddah to the ports of Shanghai, Ningbo, and Shekou in China, Klang in Malaysia, Aqaba in Jordan, Sokhna and Alexandria in Egypt, and Izmit and Istanbul in Turkey.

Private credit boom hits emerging markets with record USD 11.7 bn in H1 2025

Emerging markets (EM) are on track for their biggest year yet in private credit, Bloomberg reports. Global lenders including Blackstone, Apollo, KKR, and Ares deployed USD 11.7 bn in 1H 2025 — nearly matching last year’s total of USD 13.9 bn — putting the asset class on course for a record, the business news information service reports, citing the Global Private Capital Association.

Funds are looking to pivot away from their long-standing reliance on US assets as a way to diversify allocations. EM-based firms, meanwhile, are drawn to the flexibility and confidentiality offered by private lenders, though often at a higher cost than public debt.

India has led the surge, with Prime Minister Narendra Modi’s infrastructure push fueling demand for capital for projects ranging from solar plants to roads. Elsewhere, Romania’s sports gaming platform Superbet alone secured EUR 1.3 bn from Blackstone and HPS, while Southeast Asia logged USD 1.1 bn in transactions.

Despite this, private credit in EMs still makes up less than 10% of the USD 1.7 tn global market, with some lenders viewing them as too risk-prone. Momentum is nevertheless building as investors chase diversification and higher returns, with inflows into public markets boosting confidence. EM equities are up 23% YTD, while hard-currency bonds have gained nearly 9%. “It’s still at a relatively early phase compared to the US [...] but in general we do see it growing,” said Jeff Schlapinski of the Global Private Capital Association.

Most transactions are also on the smaller side, with the majority in the tens of mns of USD, and volumes accounting for only a fraction of most corporates’ debt books, with bank lending and public debt markets still accounting for the majority.

However, regional players are giving the market a boost, enabling bigger transactions and larger fundraisings. India’s EAAA India Alternatives raised USD 510 mn for its first private credit vehicle, while in the Gulf, Saudi’s Public Investment Fund recently agreed to anchor new Goldman Sachs funds targeting private credit and public equity across the GCC. In the UAE, Mubadala grew its private credit portfolio to USD 20 bn last year.

It’s a big year for private credit more in general: Wealthy individuals poured USD 48 bn into US private credit funds in 1H 2025 — surpassing last year’s total — even as institutional demand waned. Policy tailwinds are helping, with Trump signing an executive order in August opening 401ks to private assets. Evergreen debt funds in Europe also more than doubled y-o-y.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with mainland China’s CSI 300 flat at the open after China’s latest manufacturing data showed the sector contracting for a sixth straight month. Japan’s Nikkei fell 0.1%, while South Korea’s Kospi was also flat. Hong Kong’s Hang Seng was the only outlier, rising nearly 0.5%.

Over on Wall Street, futures have only marginally dipped, with stocks set to close out September on an unusually high note following the rebound of AI stocks yesterday.

TASI	11,434	+1.8% (YTD: -5.0%)
MSCI Tadawul 30	1,488	+1.9% (YTD: -1.4%)
NomuC	25,427	-0.1% (YTD: -19.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	36,391	+0.6% (YTD: +22.4%)
ADX	9,991	-0.1% (YTD: +6.1%)
DFM	5,869	+0.2% (YTD: +13.8%)
S&P 500	6,661	+0.3% (YTD: +13.3%)
FTSE 100	9,300	+0.2% (YTD: +13.8%)
Euro Stoxx 50	5,507	+0.1% (YTD: +12.5%)
Brent crude	USD 67.65	-0.5%
Natural gas (Nymex)	USD 3.27	+0.2%
Gold	USD 3,877	+0.6%
BTC	USD 114,255	+1.9% (YTD: +22.2%)
Sukuk/bond market index	915.88	-0.1% (YTD: +1.5%)
S&P MENA Bond & Sukuk	150.44	+0.1% (YTD: +7.5%)
VIX (Volatility Index)	16.12	+5.4% (YTD: -7.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.8% yesterday on turnover of SAR 8.0 bn. The index is down 5.0% YTD.

In the green: East Pipes (+6.3%), Build Station (+4.9%) and Alakaria (+4.9%).

In the red: SRMG (-2.6%), Sadafco (-2.1%) and Retal (-1.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 46.8 mn. The index is down 19.2% YTD.

In the green: Sure (+7.8%), Alrasheed (+6.6%) and Alqemam (+6.2%).

In the red: Jana (-9.8%), Itmam (-6.0%) and Purity (-5.3%).

CORPORATE ACTIONS-

Marble Design Factory will boost its capital by 25% to SAR 75 mn via a bonus share issuance, it said in a disclosure to Tadawul yesterday. The SAR 15 mn capital increase will be funded from the company’s retained earnings, with shareholders receiving one bonus share for every four shares held. The raised capital is earmarked for supporting the company’s expansion and bolstering its financials.

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