RIYADH: A consortium led by Saudi Arabia’s Public Investment Fund has completed its approximately $55 billion acquisition of Electronic Arts, advancing the Kingdom’s ambitions to become a global gaming hub.
The consortium, which also includes technology investment firm Silver Lake and Affinity Partners, first announced the deal on Sept. 29. It received shareholder approval at a special meeting on Dec. 22, according to statements issued by PIF and EA.
Upon completion, EA became a privately held company, with shareholders receiving $210 in cash for each outstanding share. The company’s shares have ceased trading on the Nasdaq Stock Market.
The transaction marks another step in Saudi Arabia’s push to expand its footprint in the global gaming industry as part of its broader economic diversification strategy.
Under the National Gaming and Esports Strategy, launched in 2022, the Kingdom aims to establish 250 gaming companies, create 39,000 jobs, and increase the sector’s contribution to gross domestic product to SR50 billion ($13.3 billion) by 2030.
