Electronic Arts said on Tuesday that its acquisition by Saudi Arabia’s Public Investment Fund, Silver Lake and Affinity Partners had closed, valuing the games publisher at about $55bn (£41bn). Shareholders receive $210 in cash for each share.

EA’s completion statement said its common stock had ceased trading and would be delisted from Nasdaq. The consortium’s agreement was announced on 29 September 2025 and approved by shareholders at a special meeting on 22 December 2025.

The transaction is thought to be the largest leveraged buyout in history. Alongside the roughly $36bn of equity committed, the consortium is borrowing $20bn arranged by JPMorgan, with the debt carried by EA. J.P. Morgan Securities acted as the consortium’s financial adviser. It ranks as the second-biggest acquisition in gaming, after Microsoft’s $69bn purchase of Activision Blizzard.

Andrew Wilson, chairman and chief executive, who retains his position, said in the statement: “We’re entering this next chapter from a position of strength with partners who share our vision and ambition.”

Turqi Alnowaiser, deputy governor and head of international investments at PIF, said in the fund’s announcement: “Entertainment and sports are key areas of strategic focus for PIF, and are among the fastest growing and evolving sectors around the world.” PIF says it manages more than $900bn in assets.

Jared Kushner, chief executive of Affinity Partners and son-in-law of US President Donald Trump, said EA “has created stories, characters, and communities that have become part of everyday life for hundreds of millions of people”.

How EA services the borrowing has been the subject of speculation among analysts and journalists since the record buyout was announced last September. Bloomberg’s Jason Schreier wrote that it could lead to “mass layoffs, more aggressive monetization, and other big cost-cutting measures”.

Christopher Dring, editor-in-chief and co-founder of the Game Business, said the nature of the buyout was likely to mean “a very hands-on approach from the investment group”. He said: “Private equity firms are typically aggressive in their management of companies.”

EA posted net revenue of about $7.5bn in the year to 31 March 2026. Battlefield 6, released last October, sold more than 7 million copies in its first three days, a franchise record. Further layoffs followed at the teams involved.

George Osborn, journalist and author of Power Play: Video Games, Politics and the Battle for Global Influence, said the price still made EA an “appealing” opportunity for PIF, pointing to the company’s longevity and its “seemingly evergreen” live-service titles, which are updated continuously after release.

But he said EA’s value to the fund was “not purely economic”, describing it instead as “owning a soft power asset that is quietly entrenched in the sporting community”.

The deal extends a run of Saudi sports and gaming investments that includes the £300m takeover of Newcastle United, four clubs in the Saudi Pro League and the Esports World Cup, held in 2025. PIF’s other UK holdings include a 40 per cent stake in Selfridges.

Those purchases have drawn accusations of sportswashing, the sponsoring or hosting of sporting events to promote a positive public image and divert attention from human rights issues. The Saudi government has spent years denying such claims.

The advocacy group Players Alliance HQ has asked gamers to petition their local politicians against the deal. Its campaign website says: “With the PIF being the majority owner in the potential buyout, there is a large concern that creative decisions could be influenced by these outside factors, leading to themes such as free speech, gender, LGBTQI+ and other aspects of Western politics being reduced or fully censored across major franchises.”

In Saudi Arabia, consensual same-sex sexual conduct can be punishable by death or flogging under interpretations of Sharia law. Titles in EA’s catalogue including The Sims feature same-sex relationships.

Osborn said the acquisition handed the fund “a relationship with the 20,000 players, 750 clubs and 35 leagues at the top of the professional game”.

“What is clear is that a state seeking to shape perceptions now owns an asset with proven reach to billions of people,” he said. “How it uses it in the years to come is something we should watch closely.”