PIF-led consortium expected to secure EU Approval for $55bn Electronic Arts buyout

Saudi Arabia’s Public Investment Fund (PIF), Jared Kushner’s Affinity Partners and ​private equity firm Silver Lake are expected to receive European Union approval for the proposed $55bn acquisition of video game publisher Electronic Arts, according to a report by Reuters.

The report cites unnamed sources familiar with the matter as revealing that the European Commission is expected to approve the transaction, which would rank as the largest leveraged buyout on record, under the bloc’s Foreign Subsidies Regulation (FSR) following the completion of its preliminary review later this month.

The acquisition, announced in September 2025, underscores the continued ability of sponsor-backed consortia to execute mega-buyouts despite heightened regulatory scrutiny.

The deal forms part of Saudi Arabia’s broader strategy to diversify its economy beyond oil by investing in high-growth sectors including gaming, sports, tourism and technology. For PIF, the acquisition would significantly expand its presence in the global interactive entertainment industry through ownership of one of the sector’s largest publishers.

In addition to the expected clearance under the Foreign Subsidies Regulation, the transaction is also anticipated to receive unconditional approval under the EU’s merger control rules when the Commission concludes its initial competition review.

The Foreign Subsidies Regulation, introduced to address concerns that state-backed investors may benefit from unfair financial support when acquiring businesses in the European Union, has become an increasingly important consideration for private equity firms and sovereign wealth funds pursuing European transactions.

The expected approval suggests regulators have found no grounds to launch an in-depth investigation into the consortium’s financing arrangements, contrasting with previous acquisitions involving Middle Eastern state-backed investors that required extended reviews and commitments before receiving clearance.

Representatives for the European Commission and Electronic Arts reportedly declined to comment on the expected decision, while the Public Investment Fund did not respond to requests for comment.