Saudi PIF Completes $55bn EA Buyout — The Largest Leveraged Buyout in History

Electronic Arts (EA) is no longer a public company. A consortium led by Saudi Arabia's Public Investment Fund (PIF) has completed a $55bn (£41bn) acquisition, taking the gaming giant private. The deal, first announced in September 2025, ranks as the second-largest acquisition in gaming history, behind Microsoft's $69bn purchase of Activision Blizzard.

The investor group includes Affinity Partners, led by Jared Kushner. EA's CEO Andrew Wilson will remain in his role. The company, known for franchises like EA FC (formerly FIFA), The Sims, and Mass Effect, will now operate under private ownership.

The largest leveraged buyout ever

This is the largest leveraged buyout in history. PIF contributed $36bn of its own capital, but borrowed $20bn from JPMorgan to close the deal. That debt now sits on EA's balance sheet, and the company will need to service it.

Analysts are already speculating about the consequences. Bloomberg's Jason Schreier has suggested the debt burden could lead to "mass layoffs, more aggressive monetization, and other big cost-cutting measures." Christopher Dring of The Game Business expects "a very hands-on approach from the investment group," noting that private equity firms are typically aggressive in managing their portfolio companies.

Soft power and sportswashing concerns

The deal is not purely financial. PIF, controlled by Saudi Crown Prince Mohammed bin Salman, has been on a spending spree across sports and entertainment — from Newcastle United to the Saudi Pro League and major esports events. Owning EA gives the fund a direct relationship with the professional football ecosystem: 20,000 players, 750 clubs, and 35 leagues that license their likenesses to EA FC.

Critics call it sportswashing — using sports investments to distract from human rights abuses. The Saudi government denies these accusations. But the concern extends to content. EA's games, particularly The Sims, have championed inclusivity and LGBT+ representation. In Saudi Arabia, same-sex conduct can be punishable by death. Advocacy group Players Alliance HQ has launched a petition urging gamers to oppose the deal, fearing censorship of themes like gender and free speech.

EA generated $7.5bn in revenue last year, and Battlefield 6 sold over 7 million copies in its first three days. But the company has also faced layoffs and cancellations, like much of the industry. The debt load from this buyout could accelerate that trend.

As George Osborn, author of Power Play, puts it: "What is clear is that a state seeking to shape perceptions now owns an asset with proven reach to billions of people. How it uses it in the years to come is something we should watch closely."