Electronic Arts shareholders have overwhelmingly approved a $55 billion acquisition that would take the publisher private, marking a major step forward in what could become one of the largest buyouts in gaming history.
The vote was held during a special shareholder meeting on December 22. A total of 201,459,396 shares were cast in favor of the deal, compared to 1,914,837 against, with 90,311 abstentions. Shareholders also approved an advisory proposal related to executive compensation tied to the transaction, which passed by a similarly wide margin.
Deal Structure and Ownership
Under the proposed agreement, a consortium led by Saudi Arabia’s Public Investment Fund, alongside Affinity Partners and Silver Lake, will acquire Electronic Arts for $210 per share. If completed, the Public Investment Fund would hold a 93.7 percent majority stake in the company.
The transaction has been described as the largest leveraged buyout ever, highlighting the scale of the deal and the increasing role of sovereign wealth funds in the global gaming industry.
Public Investment Fund and Gaming Strategy
The Public Investment Fund has steadily expanded its presence in gaming over recent years. It already owns a controlling stake in SNK and holds smaller positions in several major publishers. In late 2024, the fund reduced its stake in Nintendo, signaling portfolio adjustments ahead of the EA acquisition.
Reports surrounding the deal indicated the fund experienced liquidity pressure after committing to the purchase, leading to a pullback from other investments. Despite this, the EA buyout represents its most significant gaming-related move to date.
Regulatory and Political Review Still Pending
Although shareholder approval clears a major hurdle, the acquisition is not yet finalized. Regulatory scrutiny remains a key factor, particularly in the United States. Lawmakers have raised concerns about potential national security implications, citing Electronic Arts’ access to large amounts of user data and its financial position.
As a result, the deal is expected to undergo extended review by government authorities. Final approval could take until 2026, depending on political and regulatory outcomes.
Leadership and Studio Independence
Electronic Arts has stated that current leadership would remain in place if the acquisition is completed. The company has also emphasized that its studios would retain creative control, aiming to reassure developers and players amid concerns about long-term direction under private ownership.
For now, the deal moves into its most uncertain phase, with government approvals determining whether one of gaming’s largest publishers will officially go private.
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