The European Commission approved the proposed $55 billion acquisition of Electronic Arts on July 23, 2026, clearing one regulatory hurdle for the consortium seeking to take the video game publisher private.

The all-cash transaction gives EA an enterprise value of approximately $55 billion and would transfer 100% of the company to the Public Investment Fund (PIF), private equity firm Silver Lake and Affinity Partners, the investment company founded by Jared Kushner.

What did the Commission examine?

Regulators reviewed the acquisition's possible effects on the production and distribution of games across mobile, PC and console markets. The examination also covered the organization and commercial use of esports competitions.

Why was the deal cleared without conditions?

"The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active," the EU executive said. The review proceeded through the Commission's normal merger procedure. The buyers offered no remedies or commitments to address competition concerns, the decision noted.

Under the Commission's published merger guidelines, transactions are approved without conditions when regulators determine they will not harm competition. "Conversely, if a merger would harm competition, suitable commitments will be proposed by the merging firms to remove the harm," the guidelines state.

What regulatory step is still pending?

The Commission is separately examining the transaction under the Foreign Subsidies Regulation, with a decision due by July 30, 2026. That framework allows Brussels to investigate whether financial support from non-EU governments confers an unfair advantage in acquisitions — a probe that applies directly to PIF as Saudi Arabia's sovereign wealth fund.

The Commission examines cross-border transactions whenever the targets' activities could affect competition in the EU's 27 member states. EA distributes games across European mobile, PC and console storefronts, placing the deal inside that jurisdiction.

How is the deal financed and structured?

• Equity financing: Approximately $36 billion, with PIF rolling over its existing 9.9% stake in EA.
• Debt financing: JPMorgan Chase Bank committed $20 billion; $18 billion is expected to fund at closing.
• Consideration: Shareholders receive $210 in cash per share — a 25% premium over EA's unaffected $168.32 close on Sept. 25, 2025.
• Shareholder vote: Approved on Dec. 22, 2025, with 201,459,396 votes in favor, 1,915,837 against and 90,331 abstentions, according to EA's regulatory filing.

What changes — and what doesn't — for EA's operations?

EA would remain headquartered in Redwood City, California. Andrew Wilson would continue as chief executive. The company keeps its slate of sports, action, racing, role-playing and life-simulation franchises, including EA Sports FC, Apex Legends, Madden NFL, Need for Speed, Dragon Age, The Sims and Battlefield, the last of which expanded with Battlefield 6 in 2025.

The approval does not alter EA's development studios, publishing schedule or live-service operations. EA's publicly traded shares will be delisted once the company closes its move to private ownership.

What's the next milestone to watch?

The Foreign Subsidies Regulation decision on July 30, 2026 represents the next concrete regulatory gate. Closing also depends on remaining customary conditions, after which EA has described the transaction as the largest all-cash sponsor-backed take-private of a publicly traded company.