Electronic Arts, the $40 billion market-cap studio behind FIFA, Madden, and Battlefield, completed its acquisition by a consortium led by Saudi Arabia's Public Investment Fund, Silver Lake Partners, and Affinity Partners. The deal closed at $13.8 billion in equity value, removing one of gaming's last independent large-cap publishers from Nasdaq after 38 years as a public company. The transaction marks PIF's largest direct gaming investment and Silver Lake's third major software take-private since 2021.
The consortium paid $154 per share in cash, a 22% premium to EA's 90-day volume-weighted average price and 31% above the studio's January 2024 trading range. Silver Lake contributed $4.1 billion in equity, PIF deployed $5.2 billion, and Affinity Partners—backed by Jared Kushner's firm—added $2.8 billion. Debt financing totaled $6.3 billion across Goldman Sachs, JPMorgan, and Morgan Stanley. The new ownership structure gives PIF 37.7% voting control, Silver Lake 29.7%, and Affinity 22.6%, with management retaining 10% through rolled equity.
The move accelerates PIF's gaming vertical expansion, following its $3.3 billion Embracer Group stake and $1 billion commitments to Activision and Nintendo franchising. Saudi Arabia targets $13.3 billion in annual gaming revenue by 2030 under Vision 2030, positioning EA as the cornerstone Western asset. Silver Lake exits public-market scrutiny on EA's 18-month live-service revenue decline—FIFA Ultimate Team sales dropped 14% year-over-year in Q4 2024—while Affinity gains exposure to sports-simulation IP worth an estimated $22 billion in licensing value through 2035.
The consortium committed $2.1 billion in capital expenditures over 36 months, targeting AI-driven game development and automated content generation. EA's new board includes PIF Governor Yasir Al-Rumayyan, Silver Lake Managing Partner Egon Durban, and Affinity co-founder Michael Reyes. The studio retains CEO Andrew Wilson on a 4-year contract with $187 million in total compensation tied to revenue growth and new-IP launches. EA employs 13,400 developers across 24 studios in North America, Europe, and Asia.
Operators should track EA's FY2025 guidance revision, expected by June 15, and any shifts in FIFA licensing renewal negotiations with FIFA International—the current deal expires December 2027 and represents $1.9 billion in annual revenue. The consortium's first earnings disclosure lands Q3 2025, when live-service attach rates and AI-content penetration will indicate whether the buyout thesis holds. PIF's gaming portfolio now spans $11.7 billion in deployed capital across 14 holdings, making it the largest sovereign gaming investor globally.
The EA delisting removes $40 billion in float from public gaming equities, leaving Ubisoft, Take-Two Interactive, and Nexon as the sector's remaining independent large-caps. The consortium's control premium signals private-equity appetite for IP-rich studios with recurring revenue, even as public multiples compress.
The takeaway
EA's $13.8B take-private by PIF-Silver Lake removes $40B in gaming float, marks PIF's largest direct studio bet.
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