PIF seeks EU nod to complete $55bn Electronic Arts deal
Saudi Arabia’s Public Investment Fund has applied for European Union subsidy and antitrust clearance to complete its $55 billion acquisition of videogame developer Electronic Arts.
The European Commission has set a provisional deadline of July 30 to decide on the subsidy component of the deal, according to a filing with the EU’s executive arm.
The commission has set a July 22 deadline for its antitrust review.
The EU regulator could approve the deal without conditions following its initial review, or launch a full-scale inquiry if it has serious concerns.
A consortium comprising PIF, private equity company Silver Lake, and Affinity Partners, an asset manager headed by US President Donald Trump’s son-in-law Jared Kushner, agreed to buy the California-based company.
The Saudi sovereign wealth fund will acquire sole control over EA, while Silver Lake and Affinity Partners will take non-controlling stakes, according to the PIF filing.
EA shareholders agreed in December last year to sell the majority of the company to PIF.
Electronic Arts makes some of the world’s most popular videogames, including EA Sports FC (formerly known as Fifa), Battlefield 6, Apex Legends, and Madden.
Saudi Crown Prince Mohammed bin Salman has pledged to invest another $600 billion in the US during Trump’s second term in office.
Further reading:
- New priorities expected under refocused Saudi Vision 2030
- War upends Saudi real estate push
- Matein Khalid: The Saudi economy didn’t need this
You May Also Like
Top U.S. economist says Gold reversal is imminent
Crypto Hack: Drift Protocol Drained Over $200M in Private Key Breach
Bitcoin treasury sell-off accelerates as Riot, Bhutan, and public companies exit positions
