Saudi Arabia's Public Investment Fund has cleared its final regulatory hurdle to acquire 93.4% of Electronic Arts, after the European Commission approved the $55bn deal under its Foreign Subsidies Regulation last week. The PIF, alongside co-investors Silver Lake and Affinity Partners, is now expected to complete the largest leveraged buyout in business history before the end of 2026.

The deal's structure carries immediate operational implications for EA. The PIF secured $20bn of debt financing from J.P. Morgan, on top of roughly $30bn in equity, and EA will service that debt. Bloomberg's Jason Schreier reported in September 2025 that the company could consider "mass layoffs, more aggressive monetisation, and other big cost-cutting measures" to manage it. Investor and board director Nick Button-Brown told GamesIndustry.biz earlier this year that a leveraged buyout would force EA to funnel profits towards debt repayment, reducing investment in its games.

What survives the restructuring?

The likeliest outcome is a portfolio focused on three pillars with repeatable, mass-market monetisation:

• Sports: EA Sports FC, Madden NFL and College Football anchor the business and face the least risk.
• Service shooters: Battlefield 6, which has performed strongly since launch, and Apex Legends remain core.
• The Sims: a proven route to audiences outside sports and shooters.

The axe is more likely to fall on dormant IP. EA has historically resisted selling underused properties, but $20bn of debt changes that calculus. Franchises such as Mirror's Edge, Dead Space and Titanfall could attract offers or external development partnerships. BioWare's position looks risky, with Dragon Age and Mass Effect weighed against a decade of costly struggles.

The change of ownership also threatens EA Originals. The label signed independent successes like Hazelight Studios — creator of It Takes Two and Split Fiction — while EA was publicly traded. Securing similar deals under a sovereign wealth fund may prove harder.

Why did the PIF want EA?

The economics help explain the debt. EA recorded gross profits of $5.92bn and $5.94bn in its last two fiscal years, and its evergreen service games make it one of the few publishers that can carry the load. Patient capital — the PIF, its investors and bankers willing to wait for returns — suits a business founded in 1982.

The acquisition also feeds Saudi Arabia's national gaming and esports strategy, which targets $10bn (per the strategy's figures) in economic value, 39,000 jobs, 30 globally recognised games and a top-three ranking for professional esports athletes. EA brings 15,000 jobs, major franchises and esports credentials through titles tied to F1's official sim racing tournament, the Apex Legends Global Series and EA FC Pro.

Timing mattered too. Jared Kushner, who founded Affinity Partners with PIF capital, reportedly brokered the deal on Saudi Arabia's behalf. Aiming to close in September 2026, before the US mid-terms, suggests the parties know such a window may not reopen.

Soft power over sport

The strategic rationale extends beyond games. The PIF has retreated from several sporting investments this year: it ended funding for LIV Golf, abandoned plans to host the 2035 Rugby World Cup and cancelled the Saudi Arabian Snooker Masters, while reducing backing for Newcastle United and selling a stake in Al-Hilal.

EA offers reach those investments could not. Its sports licences connect the owner to roughly 20,000 players, 750 clubs and 35 leagues. A Premier League YouTube segment on Bruno Fernandes' EA FC ratings drew nearly 2.8 million views last summer; ESPN covered Texas Tech's mascot appearing in College Football. Savvy Games already owns ESL/FaceIt and the Esports World Cup, with over half a billion people viewing Saudi-backed esports content.

How the PIF uses that soft power asset while EA services its debt is the question to watch as the deal closes.