EA games are displayed on a sales stand in a large store in the United States, California. (Credit: Illustration photo Yonhap/AFP)
Announced last year, the $55 billion acquisition of Electronic Arts (EA) by a consortium made up of Saudi Arabia's Public Investment Fund (PIF), Jared Kushner's private equity firm Affinity Partners, and the American investment fund Silver Lake is the largest deal in video game history and the biggest acquisition ever undertaken by the PIF.
The transaction was initially expected to close by the end of June. But unless there is a last-minute surprise, it is now likely to take several more weeks — or even months — before the publisher, which has around 700 million players and generated more than $7 billion in revenue in 2025, comes under Saudi control.
According to documents filed in November with Brazil's antitrust regulator, the PIF will own 93.4 percent of EA, while Silver Lake and Affinity Partners will hold 5.5 percent and 1.1 percent, respectively. EA will also leave the Nasdaq, with its shares currently trading around $200, just below the $210-per-share price approved by shareholders.
The three investors have said little publicly about the deal as Saudi Arabia has focused on regional tensions linked to the Iran-Israel conflict. However, the latest regulatory filings provide a clearer picture of the timeline.
Last week, the consortium formally requested approval from the European Commission under EU merger rules. The Commission has set July 22 as the deadline for its decision. On Thursday, the investors also sought clearance under the EU's Foreign Subsidies Regulation, with a decision expected by July 30.
Unless the Commission rules unusually quickly or the consortium decides to close without these approvals — both considered highly unlikely — the deal will not be finalized before the end of June.
'Merger review'
The first approval falls under EU Regulation 139/2004, which governs mergers and acquisitions that could reduce competition within the European market. Transactions meeting certain revenue thresholds must be cleared before they can proceed.
EA reported revenue equivalent to €6.4 billion in 2025, placing the deal well within the Commission's jurisdiction.
After its review, the Commission can approve the transaction without conditions, block it, or require remedies. A recent example was Microsoft's acquisition of Activision Blizzard, which was approved after Microsoft agreed to license certain games to competing cloud gaming services across Europe.
'Foreign subsidies'
The second review is conducted under the EU's Foreign Subsidies Regulation, introduced in 2023. It examines whether companies have benefited from financial support from non-EU governments that could give them an unfair competitive advantage.
The Commission will assess whether the PIF, as a Saudi sovereign health fund, has received state support that could distort competition in the European market. It can approve the deal, impose conditions, or reject it.
Outside the EU, the acquisition may also require clearance from U.S. regulators, including the Federal Trade Commission or the Department of Justice, while the Committee on Foreign Investment in the United States (CFIUS) could examine any national security implications. In Saudi Arabia, the transaction also requires approval from the General Authority for Competition and may need authorization from the investment ministry.
If completed, the acquisition will give the PIF control of some of the gaming industry's best-known franchises, including "FIFA," "The Sims," "Madden NFL," "Need for Speed," and "Command & Conquer," supporting Saudi Arabia's Vision 2030 strategy to diversify its economy beyond oil.
The acquisition has not been welcomed by everyone. In January, 46 Democratic members of the House of Representatives, backed by the Communications Workers of America union, wrote to the Federal Trade Commission (FTC) expressing concerns about the deal's potential impact.
Also in the United States, a petition launched by the Players Alliance HQ collective calling on Treasury Secretary Scott Bessent to block the transaction gathered around 75,000 signatures this week. Several gaming outlets, including "Kotaku" and "Insider Gaming," have also reported waves of layoffs ahead of the acquisition's completion, fueling criticism on social media. In Canada, Communications Workers of America Canada (CWA Canada) has urged authorities to scrutinize the deal, citing potential risks to national security and employment.
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