Summary
Electronic Arts (EA), a major gaming company, is being bought for $55 billion by a group of buyers, including Saudi Arabia's Public Investment Fund. This is the largest buyout of its kind, and EA will no longer be traded on the stock market. The deal significantly expands Saudi Arabia's influence in the gaming industry.
Key Facts
- Electronic Arts (EA) is being sold for $55 billion to a group that includes the Saudi Public Investment Fund.
- The transaction is the largest leveraged buyout ever in the gaming industry, meaning much of the purchase is financed through borrowed money.
- EA will be taken private, removing its shares from public trading.
- The purchase price is 25% higher than EA's market value, at $210 per share.
- EA is known for popular games like EA FC, The Sims, and Mass Effect.
- Saudi Arabia has been increasing its involvement in gaming, having acquired other gaming companies in recent years.
- The Saudi Public Investment Fund has significant assets due to the country's oil wealth, controlled by Prince Mohammed bin Salman.
- Saudi Arabia has previously been linked to controversies, including allegations of human rights violations.
