Deal Completed: Gaming Giant Acquired by Saudis and Kushner

Saudi Arabia's sovereign wealth fund PIF and a group of investors, including Jared Kushner, have completed the acquisition of gaming giant EA for $55 billion. The company, which develops games like EA Sports FC, The Sims, and Battlefield, will become private after 36 years as a public company. The deal was approved by the European Union, the last regulatory approval required.

Saudi Arabia's sovereign wealth fund (PIF) and a group of investors, including Jared Kushner, son-in-law of US President Donald Trump, have completed the acquisition of video game giant EA for $55 billion. The company, which develops popular games such as EA Sports FC (formerly FIFA), The Sims, Battlefield, and Madden NFL, will become private and end 36 years as a public company. The deal received approval from the European Union, the last regulatory approval required. The buyers include PIF, the investment firm Affinity Partners, led by Kushner, and venture capital fund Silver Lake Partners. Kushner said that EA has created stories, characters, and communities that have become part of the daily lives of hundreds of millions of people. The Saudi royal family has been investing in the gaming and digital sports industry for years, and Crown Prince Mohammed bin Salman is known as a gamer. EA's annual revenues have barely grown in recent years, ranging between $7.4 and $7.6 billion, while competition has increased from mobile game makers. As a private company, EA will not be obligated to publish quarterly results, which will reduce public oversight. The company employed about 14,500 workers last year and cut several hundred jobs in May.