A consortium led by Saudi Arabia's Public Investment Fund has completed its $55bn (£41bn) acquisition of Electronic Arts, taking The Sims, Mass Effect and EA FC maker private in what analysts believe is the largest leveraged buyout in history. The deal closed on 5 August 2026, ending EA's run as a publicly traded company.

The structure carries heavy consequences for the business. PIF has put $36bn of equity into the transaction but borrowed $20bn from JPMorgan to close it — debt that EA itself will service. How the publisher repays that load is now the central operational question for its studios.

What changes for EA's teams and pipeline?

Industry commentators expect aggressive cost discipline. Bloomberg's Jason Schreier surmised the debt burden could lead to "mass layoffs, more aggressive monetization, and other big cost-cutting measures" at one of the industry's biggest companies.

Christopher Dring, editor-in-chief and co-founder of The Game Business, said the buyout's nature points to direct investor involvement: "a very hands-on approach from the investment group." He added: "Private equity firms are typically aggressive in their management of companies."

Shams Jorjani, chief executive of Arrowhead Game Studios — the independent studio behind Sony-published Helldivers 2 — questioned what the ownership means for portfolio breadth. "This deal is consolidation, no question — and I wonder whether new ownership optimises for the safe bet — more sequels, more mega-franchises — over that breadth," he told the BBC. "If it turns EA into a sequel-and-mega-franchise machine, that's a real waste of one of the best catalogues in the industry."

The buyout ranks as the second-largest acquisition in gaming history, behind only Microsoft's $69bn purchase of Activision Blizzard. EA CEO Andrew Wilson, who retains his position, said at the initial announcement in September 2025 that the firm plans to "create transformative experiences to inspire generations to come" and that he was "more energized than ever about the future we are building."

Why the debt matters

EA enters private ownership with recent financial momentum. The company generated $7.5bn in revenue last year, and Battlefield 6 broke franchise records in October with over 7 million copies sold in its first three days — although layoffs for the teams involved followed even that success. EA's football titles, from Fifa to EA FC, have sold more than 325 million copies since 1993.

That performance underpins the case for a debt-financed deal, but the $20bn repayment obligation now sits against those cash flows. The consortium includes Affinity Partners, led by Jared Kushner, President Donald Trump's son-in-law.

Why did PIF pay $55bn?

George Osborn, author of Power Play: Video Games, Politics and the Battle for Global Influence, said EA remains an "appealing" financial opportunity for the £514bn sovereign fund, pointing to the 35-year-old company's "seemingly evergreen" live-service games that generate continuous post-release revenue.

But he argued the value is "not purely economic" — it is about "owning a soft power asset that is quietly entrenched in the sporting community." "If the PIF's football strategy limited them to ownership of Newcastle United and some Saudi Pro League teams, owning EA hands them a relationship with the 20,000 players, 750 clubs and 35 leagues at the top of the professional game," Osborn said.

PIF is controlled by Crown Prince Mohammed bin Salman. A 2019 UN report stated "the state of the Kingdom of Saudi Arabia is responsible" for the death of journalist Jamal Khashoggi, a finding the Saudi government has always denied.

What are players and advocates doing?

The advocacy group Players Alliance HQ has launched a campaign urging gamers to petition local politicians against the deal. Its website warns that with PIF as majority owner, "creative decisions could be influenced by these outside factors, leading to themes such as free speech, gender, LGBTQI+ and other aspects of Western politics being reduced or fully censored across major franchises." The concern is sharpened by franchises like The Sims, which champions inclusivity and LGBT+ relationships, while consensual same-sex conduct can carry capital punishment under interpretations of Sharia law in Saudi Arabia.

Watch how Wilson's leadership team signals its first post-close restructuring moves — studio headcount, monetization design and the shape of EA's release slate in fiscal 2027 will be the earliest indicators of how the $20bn debt reshapes the company.