The European Commission cleared the $55 billion acquisition of Electronic Arts by an investor group including Saudi Arabia's Public Investment Fund under EU merger rules, removing one regulatory obstacle from what has been described as the largest leveraged buyout in history.
The transaction would take the video game publisher private and is backed by a consortium that also includes Silver Lake and Affinity Partners, the investment firm led by Jared Kushner. The deal was announced in September and remains subject to the full set of closing conditions and regulatory approvals attached to a transaction of this scale.
Brussels concluded that the acquisition would not raise competition concerns in the European Union. That decision addresses the bloc's standard merger control review, which focuses on whether a transaction could significantly reduce competition in relevant markets.
The clearance does not end the European regulatory process. The deal is still being examined under the EU's Foreign Subsidies Regulation, a separate framework designed to assess whether non-EU state support could distort competition when foreign-backed companies acquire businesses or bid for major contracts in the bloc.
A decision under that subsidy review is expected by July 30. Until that process is completed, the EU approval track remains only partially resolved, even though the antitrust review has moved in favor of the buyers.
The acquisition is strategically important beyond the gaming sector. PIF has been expanding into entertainment, sports and gaming as part of Saudi Arabia's broader effort to diversify investment exposure away from oil and build influence in global consumer platforms.
For Electronic Arts, the transaction would shift ownership of one of the world's largest video game publishers from public markets to a private investor group. EA's portfolio includes major sports and entertainment franchises, making the review relevant not only for gaming competitors but also for investors tracking sovereign capital in technology and media assets.
The next regulatory marker is the EU foreign subsidies decision. If that review also clears the transaction, the deal would move closer to completion, though any remaining closing conditions and jurisdictional approvals would still determine the final timetable.
