EU Clears PIF-Led $55 Billion Acquisition of Electronic Arts, Antitrust Hurdle Removed

The European Commission on Thursday cleared Saudi Arabia’s Public Investment Fund-led acquisition of Electronic Arts under the EU’s merger rules, saying the proposed $55 billion takeover of the U.S. video game publisher does not pose competition concerns.

The decision is a significant step forward for one of the biggest proposed deals in the games industry. But it is not the final approval needed to close the transaction. Separate reviews are still pending in Europe under the EU’s Foreign Subsidies Regulation, which examines whether foreign state support may distort competition, and in the United States before the Committee on Foreign Investment in the United States, or CFIUS, which reviews national security risks.

In its public decision in case M.12213, PIF/ELECTRONIC ARTS, the Commission said: “The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active.” It added that “The notified transaction was examined under the normal merger review procedure.” Notification of the deal was recorded in mid-June 2026.

Electronic Arts announced the transaction on Sept. 29, 2025, saying it had agreed to be acquired in an all-cash deal worth $210 per share, valuing the company at about $55 billion. The buyer group identified by EA consists of PIF, Saudi Arabia’s sovereign wealth fund, along with private investment firm Silver Lake and Affinity Partners, the investment firm founded by Jared Kushner.

At the time, EA said PIF would roll over its existing roughly 9.9% stake in the company. EA also said the transaction would be financed with about $36 billion in equity and about $20 billion in debt financing committed by JPMorgan. If the deal closes, EA said, CEO Andrew Wilson would remain in the role and the company would stay headquartered in Redwood City, California.

The Commission’s merger clearance matters because it removes a major antitrust hurdle in Europe for a deal involving one of the world’s largest game publishers. EA owns major franchises including EA Sports titles, The Sims, Battlefield, Apex Legends and Dragon Age.

Still, the EU competition ruling is limited in scope. It addresses whether the takeover would harm market competition, not the separate question of whether foreign subsidies may have helped enable the deal. Reporting has indicated a separate EU Foreign Subsidies Regulation decision window around July 30, 2026.

In the U.S., EA’s filings say closing conditions also include CFIUS approval, stockholder approval and other customary conditions. The Hart-Scott-Rodino antitrust waiting period, the standard U.S. merger review process, was reported earlier this year as expired or otherwise cleared. That leaves CFIUS as a key remaining U.S. hurdle.

The proposed acquisition has drawn scrutiny beyond standard antitrust review because PIF is controlled by the Saudi state. Saudi authorities have been repeatedly criticized by human rights groups including Amnesty International over human rights issues, and those concerns have become part of the public debate around the deal.

The reaction has also extended into EA’s player and creator communities. After the transaction was announced, some creators tied to The Sims said they were leaving EA creator programs or partnerships, citing ethical concerns about the proposed ownership.

PIF has become an increasingly prominent investor in gaming as part of Saudi Arabia’s broader effort to diversify its economy. Thursday’s EU merger clearance moves the EA deal closer to completion, but the takeover still cannot close unless it clears the remaining reviews and other conditions.