Electronic Arts shareholders have voted in favor of a $55 billion acquisition by a consortium led by Saudi Arabia's Public Investment Fund, leaving only US government approval as the final hurdle. The deal, first announced in September, would make EA a private company majority-owned by the fund. Critics highlight human rights concerns and the financial burdens the acquisition could impose on the gaming giant.
The approval came on December 23, 2025, marking a pivotal step for the 43-year-old video game publisher, which went public 37 years ago. Under the terms, shareholders will receive $210 per share, with ownership split as follows: 93.4 percent to the Kingdom of Saudi Arabia's Public Investment Fund (PIF), 5.5 percent to Californian private equity firm Silver Lake, and 1.1 percent to Affinity Partners, the investment firm founded by Jared Kushner, son-in-law to President Donald Trump. Affinity Partners is primarily funded by Saudi Arabia and was recently involved in a failed takeover attempt of Warner Bros Discovery.
The PIF, a sovereign wealth fund aimed at building infrastructure and attracting businesses to Saudi Arabia, has faced accusations of serving as a tool to improve the country's international reputation amid criticisms over human rights abuses under Crown Prince Mohammed bin Salman. The acquisition, if completed by early 2027, would saddle EA with approximately $20 billion in debt to finance the inflated share price, potentially damaging its credit rating and leading to cost-cutting measures, including layoffs.
As tweeted by journalist Stephen Totilo on December 22, 2025: "As of 2:03pm PT, EA's shareholders have officially approved EA's $55 billion sale to a consortium led by Saudi Arabia's Public Investment Fund. The deal will next need to receive approval from government regulators."
Opposition has been vocal from video game unions and human rights groups, who fear the influence of Saudi ownership on company policies and game content. While the deal promises a windfall for investors amid EA's recent struggles with big hits, it could result in an exodus of employees and fundamentally alter the company's future. The transaction echoes the scrutiny faced by Microsoft's $67 billion Activision Blizzard acquisition, though Kushner's ties may ease US regulatory hurdles under the incoming Trump administration.
This would be the largest corporate buyout in history, potentially signaling the end of the PIF's recent spending spree in global industries.
