Reuters reported on November 5, 2026, that Unity Software had recent acquisition talks with an investor group including Silver Lake and Saudi Arabia’s Public Investment Fund (PIF). The group discussed a valuation of about $25 billion, but the report described talks—not an agreed or announced transaction.
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What Reuters reported about the talks
People familiar with the discussions told Reuters that Silver Lake and PIF had approached Unity in recent weeks. Silver Lake already owned about 8% of Unity, according to the report.
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The investors discussed the roughly $25 billion valuation before Unity released its latest earnings. Those results later raised Unity’s market value to about $21.5 billion, according to coverage of the report. The figures refer to different things: a valuation discussed in acquisition talks and the company’s market capitalization after earnings. They do not, by themselves, establish a final offer or the terms of a deal.
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Unity was reportedly working with an investment bank to evaluate its options. The available reporting said no deal was finalized and that terms could change; Unity declined to comment, while Silver Lake and PIF did not immediately respond to Reuters.
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Earnings and the share-price reaction
Unity reported third-quarter revenue growth of 32% to about $622 million and its first GAAP-profitable quarter, according to GamesIndustry.biz’s account of the results.
36 Investing.com reported that shares rose nearly 15% during the regular session amid the earnings news, then gained 6.9% in after-hours trading as takeover interest was reported. The coverage attributes the regular-session surge to the earnings and describes the after-hours move as extending those gains; it does not isolate how much of the price action was caused by each development.
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A possible next deal for the investors
Silver Lake and PIF were also involved in the $55 billion take-private of Electronic Arts, according to coverage of the Unity report. A potential Unity acquisition would therefore be another major gaming-industry deal involving investors who recently participated in EA’s buyout. But the reports do not establish that a Unity transaction will happen or explain how it might be financed.
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