By Donovan Erskine
Copyright shacknews
Electronic Arts has agreed to a $55 billion sale to go private, confirming a report from last week. The video game publisher will be purchased by an investment group that includes Saudi Arabia’s Public Investment Fund, Silver Lake, and Jared Kushner’s Affinity Partners.
EA published a press release to confirm that it has agreed to a $55 billion deal to go private. The all-cash transaction will return $210 per share to EA stockholders as the company is turned over to private hands. Each of the companies involved in the transaction provided quotes on the deal.
“PIF (Public Investment Fund) is uniquely positioned in the global gaming and esports sectors, building and supporting ecosystems that connect fans, developers, and IP creators,” said Turqi Alnowaiser, Deputy Governor and Head of International Investments at Saudi Arabia’s PIF.
“The future for EA is bright, we are going to invest heavily to grow the business and we are excited to support Andrew and the EA team as the company accelerates innovation, expands its reach worldwide, and continues to deliver incredible experiences to players and fans across generations,” said Egon Durban, Co-CEO and Managing Partner of Silver Lake
“Electronic Arts is an extraordinary company with a world-class management team and a bold vision for the future. I’ve admired their ability to create iconic, lasting experiences, and as someone who grew up playing their games - and now enjoys them with his kids – I couldn’t be more excited about what’s ahead,” said Jared Kushner, CEO of Affinity Partners and former Senior Advisor (and son-in-law of) President Donald Trump.
The $55 billion price tag is higher than the $50 billion that was reported when the news first broke last week. In a statement to employees, EA CEO Andrew Wilson confirmed that he will maintain his position after the deal is finalized. As for what this means for the future of Electronic Arts, its employees, and its various gaming franchises, only time will tell.
