Shareholders approved the deal at a vote on December 22, 2025, with over 201 million votes in favor . Under the terms, EA stockholders received $210 per share in cash . The PIF will own approximately 93.4% of EA, with Silver Lake and Affinity holding the remainder .

Largest Leveraged Buyout in History

This transaction is the largest leveraged buyout (LBO) ever recorded, surpassing the prior record . The enterprise value of roughly $55 billion makes it the biggest all-ccash sponsor-led take-private in private equity history .

Regulatory Approvals & Expected Closing Date

All regulatory approvals have now been secured. The deal is expected to close on August 4, 2026 . The approvals were obtained across multiple jurisdictions:

• US antitrust (HSR Act): The Hart-Scott-Rodino waiting period expired on February 9, 2026, clearing US antitrust review .
• US national security (CFIUS): The Committee on Foreign Investment in the United States reviewed the deal; a July 2026 SEC filing confirmed all required US approvals were obtained .
• EU antitrust: The European Commission approved the acquisition under the EU Merger Regulation on July 23, 2026, clearing sole control of EA by the consortium .
• EU subsidy (Foreign Subsidies Regulation): A separate approval under the EU's Foreign Subsidies Regulation was granted by July 30, 2026 .
• Brazilian antitrust: A filing with the Brazilian antitrust regulator was also part of the review process .

As of July 30, 2026, EA filed an 8-K with the SEC stating that all regulatory approvals "have been obtained" and the deal will close next week — on August 4, 2026 .

Financing & Debt Burden

The deal is financed through a mix of equity from the consortium members and significant debt. Over $38 billion in new debt has been raised to fund the acquisition . The Berkeley Law analysis notes this places a substantial debt burden on the newly private company, with debt service costs projected to strain free cash flow for years . The all-cash nature of the $55 billion enterprise value meant the consortium had to secure enormous bank financing commitments alongside their equity contributions .

Potential Restructuring & Asset Sales

Analysts widely expect the consortium to pursue significant cost-cutting, restructuring, and potential asset sales post-close to service the debt . The Berkeley Law analysis outlines likely post-closing moves including:

• Studio closures and headcount reductions beyond the layoffs already underway
• Sale or spin-off of non-core IP – some of EA's older or less strategic franchises could be divested
• Increased monetization of EA's core live-service titles (EA Sports FC, Madden NFL, Battlefield) to boost short-term cash flow
• Cost rationalization across EA's global operations to improve EBITDA margins

The high leverage ratio means the consortium will prioritize debt paydown, which typically leads to aggressive operational optimization .

Strategic Implications for Saudi Arabia

This acquisition sits at the center of Saudi Arabia's Vision 2030 strategy to diversify its economy away from oil and build global soft power through gaming. Key elements include:

• Gaming as a pillar of Vision 2030: The PIF has already invested in and acquired stakes in Nintendo, Activision Blizzard, Take-Two, SNK, and the esports organization ESL. EA is the crown jewel — a top-three global game publisher .
• Savvy Games Group: The PIF previously established the Savvy Games Group with a $38 billion budget specifically to make the kingdom a global gaming hub by 2030. Owning EA gives it instant control over FIFA/EA Sports FC, Battlefield, The Sims, Apex Legends, and Madden NFL .
• Soft power projection: By owning a massive Western entertainment company, the PIF gains cultural influence, a seat at the table in global entertainment, and a platform to shape narratives around Saudi modernization — critics describe this as "sportswashing" through gaming .

CEO Andrew Wilson's $38.6 Million Compensation Controversy

Days before the deal closes, EA disclosed that CEO Andrew Wilson received $38,649,984 in total compensation for fiscal year 2026 — a 27% increase from the $30.5 million he earned the prior year . The timing sparked intense backlash because:

• EA laid off developers who worked on Battlefield 6 just months earlier, despite the game selling 7 million copies in its first three days .
• Wilson's compensation was 305 times the median EA employee salary of $126,612 .
• His package breaks down as: $1.3 million base salary, $28.48 million in stock awards, $6.5 million cash bonus, and $2.37 million in other compensation .
• He could also be entitled to an additional $125 million in severance tied to change-of-control provisions as the buyout closes .

Critics point out the optics: a massive CEO payday while hundreds of staff were cut, all happening as the company is about to be sold to a foreign sovereign wealth fund .

Industry & Cultural Concerns

The takeover has raised widespread alarm across the gaming industry and among players:

• Content direction under Saudi ownership: Many fear the kingdom's conservative cultural and religious norms could lead to censorship or changes in game content — for example, reduced LGBTQ+ representation, altered depictions of women, or restrictions on themes deemed inconsistent with Saudi values. EA has tried to reassure staff and players that "creative independence" will be maintained, but critics remain skeptical .
• Brain drain and talent retention: Top developers may leave EA rather than work for an entity ultimately controlled by the Saudi government, especially given the political and human rights controversies surrounding the kingdom .
• CFIUS and national security concerns: The US national security review focused on risks of a foreign government gaining access to EA's data on millions of American users, as well as potential influence over a culturally significant media platform .
• Industry precedent: This deal is the largest-ever acquisition of a major Western game publisher by a state entity, setting a precedent that could reshape who controls global interactive entertainment .
• Monetization fears: Some analysts worry the debt load will force EA to become even more aggressive with microtransactions, loot boxes, and annualized releases to generate cash flow for debt servicing — at the expense of game quality and player experience .

Shareholders approved the deal at a vote on December 22, 2025, with over 201 million votes in favor . Under the terms, EA stockholders received $210 per share in cash . The PIF will own approximately 93.4% of EA, with Silver Lake and Affinity holding the remainder .

Largest Leveraged Buyout in History

This transaction is the largest leveraged buyout (LBO) ever recorded, surpassing the prior record . The enterprise value of roughly $55 billion makes it the biggest all-ccash sponsor-led take-private in private equity history .

Regulatory Approvals & Expected Closing Date

All regulatory approvals have now been secured. The deal is expected to close on August 4, 2026 . The approvals were obtained across multiple jurisdictions:

• US antitrust (HSR Act): The Hart-Scott-Rodino waiting period expired on February 9, 2026, clearing US antitrust review .
• US national security (CFIUS): The Committee on Foreign Investment in the United States reviewed the deal; a July 2026 SEC filing confirmed all required US approvals were obtained .
• EU antitrust: The European Commission approved the acquisition under the EU Merger Regulation on July 23, 2026, clearing sole control of EA by the consortium .
• EU subsidy (Foreign Subsidies Regulation): A separate approval under the EU's Foreign Subsidies Regulation was granted by July 30, 2026 .
• Brazilian antitrust: A filing with the Brazilian antitrust regulator was also part of the review process .

As of July 30, 2026, EA filed an 8-K with the SEC stating that all regulatory approvals "have been obtained" and the deal will close next week — on August 4, 2026 .

Financing & Debt Burden

The deal is financed through a mix of equity from the consortium members and significant debt. Over $38 billion in new debt has been raised to fund the acquisition . The Berkeley Law analysis notes this places a substantial debt burden on the newly private company, with debt service costs projected to strain free cash flow for years . The all-cash nature of the $55 billion enterprise value meant the consortium had to secure enormous bank financing commitments alongside their equity contributions .

Potential Restructuring & Asset Sales

Analysts widely expect the consortium to pursue significant cost-cutting, restructuring, and potential asset sales post-close to service the debt . The Berkeley Law analysis outlines likely post-closing moves including:

• Studio closures and headcount reductions beyond the layoffs already underway
• Sale or spin-off of non-core IP – some of EA's older or less strategic franchises could be divested
• Increased monetization of EA's core live-service titles (EA Sports FC, Madden NFL, Battlefield) to boost short-term cash flow
• Cost rationalization across EA's global operations to improve EBITDA margins

The high leverage ratio means the consortium will prioritize debt paydown, which typically leads to aggressive operational optimization .

Strategic Implications for Saudi Arabia

This acquisition sits at the center of Saudi Arabia's Vision 2030 strategy to diversify its economy away from oil and build global soft power through gaming. Key elements include:

• Gaming as a pillar of Vision 2030: The PIF has already invested in and acquired stakes in Nintendo, Activision Blizzard, Take-Two, SNK, and the esports organization ESL. EA is the crown jewel — a top-three global game publisher .
• Savvy Games Group: The PIF previously established the Savvy Games Group with a $38 billion budget specifically to make the kingdom a global gaming hub by 2030. Owning EA gives it instant control over FIFA/EA Sports FC, Battlefield, The Sims, Apex Legends, and Madden NFL .
• Soft power projection: By owning a massive Western entertainment company, the PIF gains cultural influence, a seat at the table in global entertainment, and a platform to shape narratives around Saudi modernization — critics describe this as "sportswashing" through gaming .

CEO Andrew Wilson's $38.6 Million Compensation Controversy

Days before the deal closes, EA disclosed that CEO Andrew Wilson received $38,649,984 in total compensation for fiscal year 2026 — a 27% increase from the $30.5 million he earned the prior year . The timing sparked intense backlash because:

• EA laid off developers who worked on Battlefield 6 just months earlier, despite the game selling 7 million copies in its first three days .
• Wilson's compensation was 305 times the median EA employee salary of $126,612 .
• His package breaks down as: $1.3 million base salary, $28.48 million in stock awards, $6.5 million cash bonus, and $2.37 million in other compensation .
• He could also be entitled to an additional $125 million in severance tied to change-of-control provisions as the buyout closes .

Critics point out the optics: a massive CEO payday while hundreds of staff were cut, all happening as the company is about to be sold to a foreign sovereign wealth fund .

Industry & Cultural Concerns

The takeover has raised widespread alarm across the gaming industry and among players:

• Content direction under Saudi ownership: Many fear the kingdom's conservative cultural and religious norms could lead to censorship or changes in game content — for example, reduced LGBTQ+ representation, altered depictions of women, or restrictions on themes deemed inconsistent with Saudi values. EA has tried to reassure staff and players that "creative independence" will be maintained, but critics remain skeptical .
• Brain drain and talent retention: Top developers may leave EA rather than work for an entity ultimately controlled by the Saudi government, especially given the political and human rights controversies surrounding the kingdom .
• CFIUS and national security concerns: The US national security review focused on risks of a foreign government gaining access to EA's data on millions of American users, as well as potential influence over a culturally significant media platform .
• Industry precedent: This deal is the largest-ever acquisition of a major Western game publisher by a state entity, setting a precedent that could reshape who controls global interactive entertainment .
• Monetization fears: Some analysts worry the debt load will force EA to become even more aggressive with microtransactions, loot boxes, and annualized releases to generate cash flow for debt servicing — at the expense of game quality and player experience .