Electronic Arts has agreed to a $55 billion buyout, the largest of a publicly traded company to date, led by Saudi Arabia’s Public Investment Fund (PIF), private equity firm Silver Lake, and Jared Kushner’s Affinity Partners. Shareholders will receive $210 per share, a 25% premium over the company’s pre-deal stock price.

The transaction would eclipse the $32 billion 2007 acquisition of TXU, the Texas utility, as the largest leveraged buyout in history. Financing includes a $20 billion loan from JPMorgan Chase. If completed, EA will be taken private but remain headquartered in Redwood City, California, under current CEO Andrew Wilson.

PIF already owns a 10% stake in EA and has been pushing deeper into the gaming sector through its Savvy Games Group, a $38 billion investment vehicle launched in 2021. The fund has also diversified into sports, backing LIV Golf, investing in soccer, and acquiring stakes in combat sports leagues. For EA, best known for its FIFA and Madden franchises, the deal provides new capital for strategic pivots as console game revenues decline and mobile and free-to-play models rise.

The buyout will face review by the Committee on Foreign Investment in the United States (CFIUS). Some lawmakers have previously urged scrutiny of Saudi investment in U.S. entertainment and sports assets. Aaron Bartnick, a former Biden administration official, noted that video game platforms collect extensive personal data, adding that CFIUS would likely “take a close look even if they ultimately end up signing off.”

The agreement includes reciprocal $1 billion break fees: EA would pay if it walks away or accepts another offer, while the investor group would pay if it fails to secure regulatory approval. Analysts had speculated that media giants such as Disney might pursue EA, but no competing bid has emerged.

Affinity Partners, Kushner’s fund, manages about $5.4 billion, much of it tied to the Saudi sovereign fund. Silver Lake, with roughly $110 billion under management, has a track record in major technology transactions, including its role in taking Dell private and later public again.

Industry analysts expect the new ownership to push EA’s titles toward broader distribution, potentially shifting to free-to-play models with monetization through in-app purchases and partnerships with streamers. Netflix and other entertainment companies are already positioning gaming as a key driver for connected TV platforms.

The deal is expected to close in the second quarter of 2026, pending regulatory review and shareholder approval. If successful, it will cement Saudi Arabia’s role as a dominant global investor in gaming and reshape the economics of one of the industry’s most influential publishers.