Electronic Arts is now a privately held company. The sale was announced on September 29, 2025, approved by shareholders on December 22, 2025, and reported completed on August 5, 2026. Saudi Arabia’s Public Investment Fund (PIF), Silver Lake and Affinity Partners acquired EA in an all-cash take-private transaction announced at approximately $55 billion in enterprise value.
That headline does not mean public shareholders received $55 billion in cash. Eligible shareholders were entitled to $210 per EA share, and EA’s public stock no longer trades on Nasdaq.
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What happened to EA?
EA’s board approved a definitive merger agreement on September 28, 2025. The company announced the agreement the following day, saying a consortium led by PIF, Silver Lake and Affinity Partners would acquire EA and take it private.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe transaction was structured as a merger rather than a conventional takeover by another game publisher. EA was expected to remain headquartered in Redwood City, California, with Andrew Wilson continuing as chief executive. Following completion, EA’s public common stock would be converted under the merger terms and would no longer be listed on Nasdaq.
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The closing date has been reported as August 5, 2026 by the Associated Press. EA should therefore be treated as privately owned, rather than as a company still considering or planning the sale.
The timeline
- September 28, 2025: EA and the consortium sign the merger agreement.
- September 29, 2025: EA publicly announces the proposed buyout.
- December 22, 2025: EA shareholders approve the merger at a special meeting, according to an SEC filing.
- August 5, 2026: The sale is reported completed.
Who bought EA?
The buyer is a consortium, not Saudi Arabia acting alone.
- Public Investment Fund: Saudi Arabia’s sovereign wealth fund. PIF already owned a 9.9% stake in EA and rolled that investment into the transaction.
- Silver Lake: A technology-focused investment firm that participated in the consortium and supplied equity financing.
- Affinity Partners: An investment firm founded by Jared Kushner and the third named consortium participant.
“Saudi Arabia bought EA” is a shorthand that highlights PIF’s politically significant role, but it is legally incomplete. The more accurate description is that Saudi Arabia’s PIF joined Silver Lake and Affinity Partners in acquiring EA. Neither the supplied transaction announcements nor the closing coverage establishes PIF as EA’s sole owner.
See the EA announcement and PIF’s announcement for the consortium’s first-party descriptions of the deal.
What does the $55 billion figure mean?
The announced $55 billion figure is approximately the transaction’s enterprise value. Enterprise value is a measure of the overall business value that takes the company’s financing structure into account. It is not the same as the amount paid directly to public shareholders.
| Figure | What it means |
|---|---|
| $55 billion | Approximate enterprise value announced for the transaction. |
| $210 per share | Cash consideration for each eligible EA share under the merger terms. |
| 25% | Premium to EA’s unaffected September 25, 2025 closing price of $168.32. |
| $36 billion | Approximate equity financing for the transaction. |
| $20 billion | Debt financing committed by JPMorgan Chase. |
| $18 billion | Debt expected to be funded at closing, according to the announced financing structure. |
Because enterprise value includes the effects of debt and equity financing, it should not be described as a $55 billion cash payment to shareholders. The SEC exhibit containing EA’s announcement provides the original transaction terms.
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How was the buyout financed?
The deal is a leveraged buyout. The consortium announced approximately $36 billion of equity financing, including PIF’s existing investment, alongside a $20 billion debt commitment from JPMorgan Chase. Approximately $18 billion of that debt was expected to be funded at closing; the $20 billion commitment should not automatically be treated as money fully drawn without a definitive closing statement.
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Why did the consortium want EA?
The consortium and EA presented the transaction as a way to give the company more flexibility, support investment and allow it to move faster on its long-term strategy. Private ownership can reduce the pressure to manage the company around quarterly public-market expectations.
That flexibility comes with a trade-off. A listed company must provide regular public disclosures and answer to public shareholders. A private EA will generally face fewer public-market reporting obligations, while its new owners and lenders will have greater influence over capital allocation and business priorities.
The transaction was described by EA as the largest all-cash sponsor take-private investment in history. The AP’s closing report characterized it as the largest buyout funded by private equity. Claims such as “the largest-ever buyout” need that context: rankings can change depending on whether they compare enterprise value, equity value, sponsor-funded deals, all-cash transactions or every public-company acquisition.
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What happened to EA shareholders?
Eligible shareholders were to receive $210 in cash for each share. They do not continue owning a publicly traded slice of EA after the merger. The public equity is converted under the merger agreement, subject to ordinary settlement procedures and any applicable exceptions, including properly exercised appraisal rights.
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Shareholders should also consider their own tax circumstances and account records. The merger terms do not provide individualized tax advice, and the tax treatment of the cash payment can vary by jurisdiction and investor situation.
The practical result is that EA is no longer a normal Nasdaq stock investment. Investors cannot continue to buy public EA shares or benefit from future public-market price movements in the way they could before the transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What changes for EA games?
The acquisition itself does not establish that any particular game will be canceled, delayed, redesigned or moved to a subscription service. It also does not prove that prices, loot-box systems or live-service monetization will change.
EA’s major franchises include EA Sports FC, Madden NFL, The Sims, Battlefield and Apex Legends. The company’s continued headquarters and Andrew Wilson’s expected continuation as CEO were part of the announced deal terms, but those facts do not predict the creative or commercial direction of every studio and franchise.
The areas players and employees will reasonably watch are:
- investment in new and existing studios;
- release schedules and project cancellations;
- spending on live services and online infrastructure;
- pricing and monetization;
- acquisitions or sales of studios and intellectual property; and
- cost controls, staffing and the use of outsourcing.
Those are possible effects of a new ownership and financing structure, not verified changes announced for a specific EA title.
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Why Saudi involvement matters
PIF’s participation draws attention because the sovereign wealth fund has become a major investor in global sports, entertainment and gaming. Supporters can argue that this capital may help companies expand, invest and compete internationally. Critics argue that high-profile investments can improve Saudi Arabia’s image or distract from criticism of the country’s human-rights record. “Sportswashing” or similar descriptions should be presented as criticism or interpretation, not as an established fact about the consortium’s motive.
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These political questions are separate from the transaction’s legal structure. PIF is a member of the buying consortium; Silver Lake and Affinity Partners are the other named participants. The supplied sources do not establish that Saudi officials will direct individual creative decisions at EA or determine the future of a particular game.
What the deal does—and does not—prove
The deal confirms that EA moved from public to private ownership through a consortium-backed, leveraged take-private transaction. It confirms the $210-per-share cash consideration, the announced financing structure and the reported August 2026 completion.
It does not, by itself, prove that EA will lay off employees, cancel games, raise prices, increase aggressive monetization or change its leadership. Those outcomes would require separate evidence from EA or other reliable sources.
The most accurate short version is: EA is privately owned after a reported August 5, 2026 closing of a consortium buyout involving Saudi Arabia’s PIF, Silver Lake and Affinity Partners. The transaction was announced at approximately $55 billion in enterprise value, while eligible public shareholders were entitled to $210 in cash per share.
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