Electronic Arts, the video game giant that makes titles like “Madden,” “EA Sports FC,” and “The Sims,” is going private in a deal spearheaded by Saudi Arabia’s sovereign wealth fund.
The deal, valued at $55 billion, will see EA controlled by a group containing the Saudi PIF, private equity giant Silver Lake, and Affinity Partners, the investment firm founded by Jared Kushner, son-in-law of President Donald Trump.
The transaction is the biggest all-cash buyout in history, the dealmakers said in a statement announcing it.
The PIF already owned 10% of Electronic Arts, and will roll over that stake, the statement said.
“Electronic Arts ​is ​an ​extraordinary ​company with a ​world-class ​management ​team and a bold vision ​for ​the ​future,” Kushner said in a statement.
Shareholders will receive $210 per share as part of the deal. At Friday’s close, EA’s stock was at around $193 per share, having jumped 15% on a Wall Street Journal report that a deal was imminent.
Shareholders will get a premium of around 25% on Thursday’s closing share price, the statement added.
Premarket trading of EA’s stock was halted before Monday’s open. The stock was set to gain around 6%.