The acquisition of Electronic Arts Inc. (EA) by a consortium comprised of PIF, Silver Lake, and Affinity Partners for a closing value of $55 billion. Under the terms of the agreement, Electronic Arts stockholders will receive $210 per share in cash. (Press Release)

Expected to close in the first quarter of 2027, for a closing value of $55 billion. Under the terms of the agreement, the Consortium comprised of PIF, Silver Lake, and Affinity Partners will acquire 100% of Electronic Arts (EA), with PIF rolling over its existing 9.9% stake in the company. Electronic Arts stockholders will receive $210 per share in cash.

Press Release, Merger Agreement

Termination Fee:

Electronic Arts to Consortium (Company Window Shop Period Termination Fee): $540 million

Electronic Arts to Consortium (Company Termination Fee): $1 billion

Consortium to Electronic Arts (Parent Termination Fee): $1 billion

Outside Date: September 28, 2026 (might extend to December 28, 2026)

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 private-equity firm Silver Lake, Saudi Arabia’s Public Investment Fund and Jared Kushner’s investment firm Affinity Partners would be involved in the deal.

Electronic Arts Inc. Investor Relations

Public Investment Fund Investor Relations

Silver Lake Investor Relations

Affinity Partners Investor Relations

Update(s):

October 16, 2025: Bloomberg reported that the consortium buying Electronic Arts (EA) is set to add more than a dozen banks to its underwriting group after JPMorgan Chase put up $20 billion of debt to bankroll the leveraged buyout. The deal would shift some risk off of JPMorgan by bringing other financial firms into the fold. A number of banks have signed non-disclosure agreements and have been through credit committees. Some banks will take around 10% of the deal each, or about $2 billion apiece, while others will take less. Around 15 banks are likely to join the underwriting group, some as early as next week. JPMorgan will keep around 40% of the deal. Underwriters are expected to earn a fee of about 2.25% on the loans in the financing. Fees for bonds will be higher than those of loans. Once the underwriting group is in place, the banks plan to sell the debt in the leveraged loan and high-yield bond markets in early 2026. The cross-border, dual-currency financing is structured with a $2.5 billion term loan A that will target investors looking to buy loans on a take-and-hold basis. That could attract attention from Middle Eastern and Asian banks. The financing is also set to comprise an $8 billion term loan B, $2.5 billion of unsecured bonds, $5 billion of secured bonds and a $2 billion liquidity facility. Still, the final structure of the transaction will depend on market conditions at the time of the launch.

November 10, 2025: Electronic Arts (EA) filed the preliminary proxy statement for its acquisition by PIF, Silver Lake, and Affinity Partners. The company expects the merger to be completed in the first quarter of 2027. The companies made the filings required under the HSR Act on November 3, 2025. The deal requires approval from the Committee on Foreign Investment in the United States (CFIUS). The deal also requires approvals from Canada and the European Union.

Electronic Arts filed the merger notification with Competition Canada for its acquisition by PIF, Silver Lake, and Affinity Partners.

November 20, 2025: Electronic Arts (EA) filed a definitive proxy statement. The special meeting of shareholders will be held on December 22, 2025. The companies expect the merger to be completed in the first quarter of company's fiscal year 2027.

December 2, 2025: WSJ reported that Saudi Arabia’s government investment fund is poised to take almost full ownership of Electronic Arts (EA). The Public Investment Fund has teamed up with Silver Lake, and Jared Kushner’s investment firm Affinity Partners to buy the videogame maker for $55 billion including debt. The consortium didn’t disclose the planned ownership breakdown. But a November filing with Brazil’s antitrust regulator shows PIF would own 93.4% of EA, while Silver Lake and Affinity would own 5.5% and 1.1% respectively. That puts the onus on PIF to fund almost all of the deal. The consortium is funding the deal with $36.4 billion in equity, and borrowing $20 billion of debt. PIF is rolling over an existing holding in EA that is worth about $5.2 billion at the takeover price, implying it has to put up about $29 billion of new cash to reflect its final ownership stake.

December 23, 2025: Shareholders of Electronic Arts (EA) approved the company’s merger with PIF, Silver Lake, and Affinity Partners at a special meeting of shareholders held on December 22.