The gaming industry stands on the edge of its most consequential deal yet. The European Commission announced approval of the acquisition of Electronic Arts by the Public Investment Fund of Saudi Arabia and partners, bringing the record-shattering transaction one major step closer to completion. This is not just the largest gaming acquisition ever announced by enterprise value but the largest all-cash leveraged buyout in corporate history, surpassing the previous record of the $45 billion TXU buyout from 2007.
First announced last September, the deal was approved by EA shareholders who expect to receive $210 per share once the deal is finalized, with completion still expected to take place in the first quarter of 2027. However, as of July 2026 the deal has not closed and has officially stalled at CFIUS, the U.S. national security review panel. Before the deal, the Saudi PIF already owned a 10% stake in EA.
The acquisition represents more than financial engineering. Saudi Arabia’s gaming and esports strategy is a Vision 2030 bet on jobs, intellectual property, tournaments, and global gaming influence, launched in September 2022, channeling more than USD 38 billion through the Public Investment Fund and Savvy Games Group. For EA, which publishes franchises like EA Sports FC, Battlefield, The Sims, and Apex Legends, going private could theoretically provide operational freedom, though concerns linger about potential shifts in creative direction and monetization strategies under new ownership.
What does this seismic shift mean for the future of your favorite franchises?
