EU clears antitrust hurdle for Saudi-led $55 billion Electronic Arts acquisition

The European Commission has granted antitrust approval for the proposed $55 billion acquisition of Electronic Arts by a consortium led by Saudi Arabia’s Public Investment Fund. The European Union’s executive body concluded that the transaction would not raise competition concerns in the markets for PC, console, and mobile games, as well as esports events. This decision represents a significant step towards closing the deal, which is currently under scrutiny under the Commission’s normal merger review process.

While the antitrust clearance is a major milestone, the acquisition is not yet finalised. The Commission is continuing to review the deal to ensure compliance with foreign subsidy rules, with a final decision on this matter expected by 30 July 2026. Industry observers expect the deal to clear this hurdle, but the outcome remains a prerequisite for the transaction to proceed.

The acquisition also requires regulatory approval from the US Committee on Foreign Investment. Earlier this year, members of the US Congress called on the Federal Trade Commission to conduct a thorough review of the potential merger, reflecting ongoing political scrutiny of the deal. The transaction must satisfy these international regulatory requirements before it can be completed.

If the acquisition closes, it would become the largest leveraged buyout in history. Electronic Arts would incur over $20 billion in debt to finance the transaction. Upon completion, the Public Investment Fund would own over 93 percent of the company, with private equity firms Silver Lake and Affinity Partners holding the remaining stakes.

EA shareholders overwhelmingly approved the takeover in December, signaling strong internal support for the deal. The transaction primarily involves the production and distribution of digital games and esports events, sectors where the Commission found limited impact on competition.