On July 23, the European Commission approved the sale of Electronic Arts to an investor consortium led by Saudi Arabia's Public Investment Fund (PIF). This marks a significant milestone in the $55 billion deal, but the acquisition is not yet finalized.

Deal Structure

The deal was announced on September 29, 2025, and EA shareholders approved the sale on December 22, 2025, with nearly 99 percent of votes in favor. Structured as a leveraged buyout (LBO), the transaction will give the consortium full ownership of EA: PIF will hold about 93.4 percent, private equity firm Silver Lake about 5.5 percent, and Affinity Partners, founded by Jared Kushner, the remaining 1.1 percent.

What the EU Approval Means

The European Commission gave unconditional approval, stating the merger poses no competition concerns due to the limited impact in the markets where the companies operate. However, this is only one step; the Commission is also conducting a separate review under the Foreign Subsidies Regulation, which aims to prevent unfair advantages from non-EU government funding. A decision on this second review is expected by July 30, and according to Reuters, approval is also likely.

Where Things Stand in the US

In the US, HSR antitrust clearance has already been granted, but the Committee on Foreign Investment in the United States (CFIUS) review is still ongoing. The original closing date of June 30, 2026, has passed due to this review, and the parties have extended the process to September 28, 2026. As of July 2026, EA remains an independent, publicly traded company on Nasdaq.

A Controversial Deal

Many sources have described the deal as "divisive" or "controversial" due to Saudi Arabia's growing influence in the gaming and entertainment sectors. Some reports highlight concerns about market control and human rights. PIF has been building its stake in gaming for years as part of its Vision 2030 strategy, and taking full control of EA shifts the fund from a passive investor to a major industry force.

What This Could Mean for Gamers

The debt-heavy LBO structure has led some observers to speculate that EA may need to undergo significant cost-cutting to service the debt, potentially resulting in layoffs, studio closures, and game cancellations. EA has already experienced three rounds of layoffs in 2026, including a "restructuring" that impacted all Battlefield Studios, and the most recent affecting "non-development roles." According to Insider Gaming, citing anonymous BioWare sources, BioWare could be one of the first studios to see cuts under new ownership, though this has not been confirmed. No major changes are expected to be announced until the deal officially closes.

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Frequently Asked Questions

Is the EA sale finalized?

No, not yet. The deal won't officially close until the EU's second review and the US CFIUS process are complete.

When is the deal expected to close?

The parties have extended the process to September 28, 2026, but no exact closing date has been announced.

Will this sale affect EA games right away?

Not for now. No major operational changes are expected to be announced until the deal is officially closed.