Electronic Arts Inc. (EA) entered a merger agreement on September 29, 2025, to be taken private by a consortium comprised of PIF, Silver Lake, and Affinity Partners, for a deal valued at $55 billion.
Electronic Arts stockholders will receive $210 per share in cash, representing a premium of 8.61% from the stock’s last close.
Electronic Arts is a global video game publisher that develops, markets, and delivers games, content, and online services across consoles, PCs, and mobile devices, with popular franchises including EA SPORTS FC, Apex Legends, Battlefield, The Sims, and Madden NFL.
Public Investment Fund (PIF) is one of the world’s largest and most influential investment funds, managing roughly $925 billion in assets under management. It drives Saudi Arabia’s economic transformation while investing globally across priority sectors such as gaming and esports.
Silver Lake is a global technology investment firm with over $110 billion in assets under management and committed capital, backing leading companies worldwide across North America, Europe, and Asia.
Affinity Partners is a Miami-based investment firm with over $5.4 billion in assets under management, focusing on growth equity, financial services, and technology investments across industries and geographies.
The Consortium, comprised of PIF, private-equity firm Silver Lake, and Jared Kushner’s investment firm Affinity Partners, will acquire 100% of Electronic Arts, with PIF rolling over its existing 9.9% stake in the company.
Last week, the Wall Street Journal reported that videogame maker Electronic Arts was in advanced talks to go private in a roughly $50 billion deal. The stock was trading at $168.32 when the report revealed that a group of investors, including Silver Lake, PIF, and Affinity Partners, would be involved in the deal.
The deal is expected to close in the first quarter of 2027.
The transaction will be funded through a combination of equity and debt. About $36 billion in equity will come from cash contributions by PIF, Silver Lake, and Affinity Partners, along with the roll-over of PIF’s existing stake in Electronic Arts.
In addition, $20 billion in debt financing has been fully and exclusively committed by JPMorgan Chase, with $18 billion expected to be funded at closing. Each of PIF, Silver Lake, and Affinity Partners intends to finance its equity contribution entirely from capital under its own control.
Electronic Arts will keep its headquarters in Redwood City, California, and Andrew Wilson will stay on as CEO.
Goldman Sachs is acting as financial advisor to Electronic Arts, with Wachtell, Lipton, Rosen & Katz serving as its legal counsel.
For the Consortium, J.P. Morgan is serving as financial advisor. Kirkland & Ellis is acting as lead legal counsel, including representation of PIF, supported by specialized counsel from Gibson, Dunn & Crutcher. Silver Lake is advised by Latham & Watkins and Simpson Thacher & Bartlett, while Affinity Partners is advised by Sidley Austin.
The acquisition price indicates that PIF, Silver Lake, and Affinity Partners are paying around 27.67 times the EBITDA of Electronic Arts.
For a more in-depth analysis of this merger agreement, please visit the Deal Metrics page:
The Deal Metrics page offers a wealth of information on each merger or acquisition, including:
Disclaimer: This article is intended for informational purposes only. Please conduct your own research and due diligence before making any decisions based on the information provided. We cannot guarantee the accuracy or completeness of the data or content included in this article.
Editor’s Note: Baranjot Kaur contributed to this article