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A European Commission filing confirmed that Saudi Arabia’s Public Investment Fund and its investor partners received approval for the $55 billion acquisition of Electronic Arts under the bloc’s Foreign Subsidies Regulation. The transaction had already cleared standard EU merger review the previous week, yet the subsidy assessment represented the more significant test. Electronic Arts stated in a regulatory filing that all necessary approvals were in place as of July 30 with closing scheduled for August 4.
The deal was originally unveiled in September 2025 by a consortium comprising the Public Investment Fund, Silver Lake and Affinity Partners, according to an Electronic Arts announcement. The Public Investment Fund is rolling over its existing 9.9 percent stake in the company while the all-cash offer values Electronic Arts at an enterprise value of approximately $55 billion. Shareholders stand to receive $210 per share, a 25 percent premium to the unaffected closing price from late September 2025.
Reuters reported earlier this month that the Foreign Subsidies Regulation clearance was anticipated, removing concerns over potential non-EU government support distorting competition within the 27-nation bloc. The regulation specifically scrutinises acquisitions by entities that may have benefited from foreign subsidies when purchasing European rivals or assets. European Commission officials determined the structure satisfied the requirements without imposing additional remedies.
The Public Investment Fund directs its gaming strategy primarily through Savvy Games Group, which has obtained commitments exceeding $38 billion to position Saudi Arabia as a global hub for gaming and esports, Savvy Games Group figures show. The vehicle has assembled stakes in Nintendo, Take-Two Interactive and Activision Blizzard while completing acquisitions such as ESL FACEIT to combine international scale with domestic industry development. Earlier in 2026 the fund transferred a $3 billion holding in Take-Two to Savvy as part of broader consolidation of its digital investments.
Electronic Arts recorded GAAP net revenue of roughly $7.5 billion in fiscal year 2025, with digital live services and other recurring revenue comprising 73 percent of the total, company reports indicate. The publisher owns an array of flagship properties including EA SPORTS FC, Madden NFL, Apex Legends, The Sims and Battlefield that have demonstrated resilience as the wider games sector emerges from a multi-year slowdown. The acquisition underscores investor conviction in the lasting appeal of these established franchises.
Approval of the takeover coincides with the Public Investment Fund’s 2026-2030 strategy that the board endorsed in April under Crown Prince Mohammed bin Salman, a PIF statement noted. The updated framework organises capital deployment into three portfolios focused on creating synergies across tourism, entertainment, advanced manufacturing and related ecosystems to advance Saudi Vision 2030. Gaming and interactive entertainment form a strategic pillar in the effort to diversify the economy away from oil dependency while expanding the kingdom’s international cultural and commercial footprint.
