PIF EA acquisition is expected to clear two major European Union reviews this month, people familiar with the matter said.
PIF EA acquisition faces two EU reviews
A consortium led by Saudi Arabia’s Public Investment Fund, together with private equity firm Silver Lake and Affinity Partners, announced a $55 billion takeover bid for Electronic Arts, known as EA, in September 2025.
The European Commission, which enforces competition policy for the EU, is examining the deal under the Foreign Subsidies Regulation, known as the FSR, and under the bloc’s merger rules, people familiar with the matter said.
Foreign Subsidies Regulation review due July 30
The Commission’s preliminary review under the FSR is scheduled to conclude on July 30, according to people familiar with the matter, and those people said the transaction is expected to receive clearance at that stage.
The FSR targets subsidies from non EU countries to prevent companies that receive state support from gaining an unfair advantage when buying firms across the EU’s 27 member states, the Commission says.
Merger review on track to finish July 22
The consortium must also clear the EU merger control process. The Commission’s initial merger review is due to conclude on July 22, and people familiar with the matter said they expect unconditional approval.
In other words, both of the EU’s main reviews tied to the PIF EA acquisition could reach decisive stages before the end of July, the people said.
Regulatory precedent and market attention
Previous large acquisitions by Middle Eastern buyers have sometimes required extended scrutiny and structural remedies, regulatory filings and public reports show. Examples include transactions involving Abu Dhabi National Oil Company, known as ADNOC, and other cross border deals that faced prolonged probes.
Markets and deal watchers are watching the PIF EA acquisition closely because, if completed, it would rank among the largest leveraged buyouts on record and one of the biggest recent transactions in the video game industry, the people said.
Why the consortium values EA
The consortium views EA’s established game franchises, large player base and steady live service operations as long term assets, particularly after a period of slower growth across the wider games market.
For the Public Investment Fund, the purchase is part of a broader push into gaming and sports. The PIF, which manages approximately $1 trillion in assets, has been expanding investments outside of oil into infrastructure, tourism, sports and video games.
What comes next
The European Commission, Electronic Arts and the Public Investment Fund did not immediately respond to requests for comment. Silver Lake and Affinity Partners also did not immediately reply to requests for comment.
If regulators approve the deal, the transaction would cement a major expansion of the PIF’s presence in the global games industry and set a new benchmark for deal size in the sector, people familiar with the matter said.
Analysts and deal lawyers will watch whether any additional conditions or remedies are attached to final approvals, and how regulators balance concerns about foreign subsidies with competition and consumer outcomes in the EU market.
