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The blockbuster buyout of Electronic Arts has been completed, with Saudi Arabia’s Public Investment Fund taking ownership of the gaming giant in the biggest leveraged buyout (LBO) in the history of commerce.
The $55 billion deal includes billions in debt for EA, which has prompted fears of massive cost-cutting with projected layoffs, studio closures, and game cancellations. Nothing has been confirmed as of yet, however.
“This moment recognizes the extraordinary people whose creativity, ambition, and passion have made EA one of the world’s leading interactive entertainment companies,” said EA CEO Andrew Wilson in the official announcement. “We’re entering this next chapter from a position of strength with partners who share our vision and ambition. Together, we’ll invest boldly, accelerate innovation, and build the next generation of games and experiences for the hundreds of millions of players and fans who inspire us every day.”
“Entertainment and sports are key areas of strategic focus for PIF, and are among the fastest growing and evolving sectors around the world,” added PIF Deputy Governor and Head of International Investments Turqi Alnowaiser. “Together, the Consortium is uniquely positioned to be a long-term partner to EA’s management team in driving sustained growth and innovation
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