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Overview
Electronic Arts has been a public company since 1989. On August 4, 2026, that ended. A group led by Saudi Arabia's Public Investment Fund bought the maker of Madden, The Sims, and Battlefield for about $55 billion and took it private.
It is the largest leveraged buyout ever recorded. That means most of the price was covered by borrowed money: JPMorgan Chase committed $20 billion in loans against EA itself. One of the world's biggest game publishers now answers to a Saudi state fund, private-equity firm Silver Lake, and Jared Kushner's Affinity Partners instead of public shareholders.
Why it matters
A foreign government fund now controls the studios behind Madden, FIFA-successor EA FC, and The Sims, and EA carries $20 billion in new debt to pay for it.
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People Involved
Organizations Involved
One of the world's largest game publishers, home to Madden NFL, EA Sports FC, The Sims, Battlefield, and Apex Legends.
Saudi Arabia's sovereign wealth fund, tasked with diversifying the kingdom's economy away from oil.
A technology-focused private-equity firm known for taking large tech companies private, including Dell in 2013.
The federal panel that reviews foreign purchases of U.S. companies for national-security risk.
Timeline
September 1989 August 2026
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Record buyout closes
Today DealEA completes its roughly $55 billion take-private and delists. Shareholders receive $210 per share in cash. It is the largest leveraged buyout on record.
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EU clears the deal
RegulatoryEuropean regulators approve the buyout under foreign-subsidy rules, leaving the U.S. security review as the last hurdle.
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Deadline slips
RegulatoryThe deal misses its original closing date as CFIUS keeps reviewing. Parties extend the outside date to September 28, 2026.
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JPMorgan starts selling the debt
FinancingJPMorgan begins syndicating the $20 billion of buyout debt, the biggest single ask of the LBO debt market since 2008.
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Union flags AI and data concerns
OppositionThe Communications Workers of America asks the FTC and CFIUS to examine EA's AI work under foreign state ownership.
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Buyout announced at $210 a share
DealEA agrees to a $55 billion take-private led by Saudi Arabia's PIF, with Silver Lake and Affinity Partners. The price is a 25% premium over EA's undisturbed stock.
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EA goes public
BackgroundElectronic Arts sells shares to the public and begins its run as a listed company.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
TXU leveraged buyout (2007)
KKR, TPG, and Goldman Sachs bought Texas power utility TXU for about $45 billion, then the biggest leveraged buyout ever. Most of the price was borrowed against the company. It was renamed Energy Future Holdings.
The company carried roughly $40 billion in debt into a falling natural-gas market.
Energy Future Holdings filed for bankruptcy in 2014, wiping out much of the equity. It became a warning about buyouts loaded with debt.
EA's deal just topped TXU as the largest leveraged buyout on record. TXU shows how heavy debt can turn a record price into a trap if the business stumbles.
Silver Lake takes Dell private (2013)
Michael Dell and Silver Lake bought computer maker Dell for about $24 billion and pulled it off the stock market. Critics said the price was too low; the deal survived a shareholder fight.
Dell restructured away from public-market pressure and made a big acquisition of data-storage firm EMC.
Dell returned to public markets in 2018 at a far higher value, making the buyout a private-equity success.
Silver Lake is a partner in the EA deal and ran the Dell playbook. It is the model behind bets that EA could relist at a profit years from now.
Microsoft buys Activision Blizzard (2023)
Microsoft closed a $69 billion purchase of game publisher Activision Blizzard after nearly two years of regulatory fights in the U.S., U.K., and EU. Antitrust agencies worried about control of major franchises.
Microsoft made concessions on cloud-gaming rights to win approval.
The deal set a template for the long regulatory reviews that now shadow big gaming takeovers.
It shows how regulators scrutinize control of major game franchises. EA's review focused instead on foreign state ownership of player data and AI.
