JAKARTA – Contrary to initial perceptions of a three-way partnership, newly surfaced regulatory filings confirm that Saudi Arabia’s Public Investment Fund will exercise near-total control over Electronic Arts once the landmark acquisition concludes.

Disproportionate Ownership Distribution

When the $55-56 billion buyout was first announced in late September involving the Public Investment Fund, Silver Lake, and Affinity Partners, many observers questioned whether characterizing it as a “Saudi acquisition” accurately reflected the deal structure. Recent documentation obtained by The New York Times now validates those initial assessments.

According to a November filing submitted to Brazil’s antitrust regulatory authority, the ownership breakdown heavily favors the Saudi fund:

• Public Investment Fund: 93.4%
• Silver Lake: 5.5%
• Affinity Partners: 1.1%

This distribution effectively establishes the Public Investment Fund as EA’s singular controlling entity, with the other partners holding minimal stakes that amount to a combined 6.6% ownership.

Financial Commitment

Based on the total transaction value, the $20 billion debt component, and accounting for PIF’s pre-existing EA shareholdings, analysts estimate the Saudi fund contributed approximately $29 billion in fresh capital to secure its commanding ownership position.

This substantial investment occurs as the Public Investment Fund navigates questions about its financial capacity and liquidity.

Liquidity Debate

The New York Times previously reported concerns that the fund faces constraints on available capital for new investments, with much of its wealth locked into illiquid assets that prove difficult to liquidate quickly.

Fund spokesman Marwan Bakrali pushed back against these characterizations, stating the Public Investment Fund maintains $60 billion in cash and readily tradable financial instruments, describing this as “very liquid by regional standards.”

Strategic Context

This acquisition represents the Public Investment Fund’s most ambitious gaming sector play to date, building on a portfolio that already includes stakes in major publishers such as Take-Two Interactive, Capcom, Nexon, and Nintendo.

The deal positions Saudi Arabia as a dominant force in the global gaming industry through control of one of its most established publishers, whose franchises include EA Sports titles, The Sims, Battlefield, Apex Legends, and numerous other popular gaming properties.

What Lies Ahead

The transaction remains subject to regulatory approvals across multiple jurisdictions before it can finalize. Electronic Arts continues operating as a publicly traded company during this review period.

Once completed, the buyout will mark one of the gaming industry’s most significant ownership transfers, fundamentally reshaping EA’s governance structure and potentially influencing strategic decisions affecting millions of players worldwide.

The overwhelming ownership concentration in the hands of a single sovereign wealth fund distinguishes this transaction from typical private equity deals where ownership is more evenly distributed among multiple financial partners.

As regulatory bodies worldwide evaluate the proposed acquisition, the gaming community and industry stakeholders await final determinations that will decide whether this historic transfer of control proceeds as planned.

Original Article:

80.Lv. (2025, December 3). Saudi Arabia’s Fund Will Hold More Than 93% of EA After Deal Completion.  Retrieved from https://80.lv/articles/saudi-arabia-s-fund-will-hold-more-than-93-of-ea-after-deal-completion