Electronic Arts shareholders voted Monday, December 22, 2025 to approve the $55 billion sale of the company to an investor consortium led by Saudi Arabia’s Public Investment Fund. The vote clears the first major hurdle for gaming’s largest all-cash private buyout, though government regulators in the US, EU, and UK still need to sign off before the deal closes. EA employees, already nervous about the future, now face the reality that their company will soon be 93.4% owned by the Saudi sovereign wealth fund, with $20 billion in new debt attached.
The Vote That Changes Everything
Shareholders approved the $210 per share takeover during the special meeting held virtually on Monday. That price represents a 25 percent premium over EA’s $168.32 closing price on September 25, 2025, the last trading day before buyout rumors started circulating. For investors who’ve held EA stock through years of ups and downs, that premium looks attractive enough to cash out. For the thousands of EA employees wondering what happens next, the vote marks the beginning of an uncertain future.
The investor consortium consists of three major players. Saudi Arabia’s Public Investment Fund, which already owned 9.9 percent of EA before the deal, will control a staggering 93.4 percent of the company when everything closes. Silver Lake, a private equity firm with gaming investments across multiple studios, gets 5.5 percent. Affinity Partners, founded by Jared Kushner, son-in-law of President Donald Trump, takes the remaining 1.1 percent. That distribution means Saudi Arabia effectively owns EA once regulators approve.
The $20 Billion Problem Nobody’s Talking About
Here’s what makes this deal especially concerning for anyone who works at or cares about EA. The buyout saddles the company with approximately $20 billion in debt. That’s how leveraged buyouts work. The investors borrow massive amounts of money to purchase the company, then the company itself becomes responsible for paying back that debt. EA, which operated debt-free as a publicly traded company, suddenly needs to generate enough profit to service $20 billion in loans while also funding game development.
One anonymous EA developer told reporters earlier this year exactly what employees think about this arrangement. They know when the deal closes, things will get worse before they get better, if better is even possible. The developer expressed nervousness about what this means for the workforce, noting that layoffs usually follow these types of acquisitions. That’s not paranoia. That’s pattern recognition based on decades of private equity firms gutting companies to extract value while servicing debt.
What This Means for Your Favorite EA Games
EA’s portfolio includes some of gaming’s biggest franchises. Battlefield just released its sixth mainline entry to critical acclaim after Battlefield 2042’s disastrous launch. The Mass Effect series has fans waiting eight years and counting for Mass Effect 5. Dragon Age, The Sims, Apex Legends, EA Sports FC (formerly FIFA), Madden NFL, and Star Wars games under the EA umbrella all face uncertain futures under new ownership with massive debt obligations.
BioWare fans have particular reason for concern. The studio’s games require long development cycles and significant budgets. Mass Effect 5 won’t arrive until at least 2027-2028 based on current timelines. Can a debt-laden EA under private equity ownership continue funding ambitious single-player RPGs that take five-plus years to develop? Or will the new owners push for faster development cycles, more monetization, and live service pivots to generate the cash flow needed to service that $20 billion debt load?
The Regulatory Gauntlet Ahead
Monday’s shareholder vote represents just the first step. The deal now faces scrutiny from government regulators who will examine whether this acquisition creates monopolistic concerns, national security issues, or other problems that warrant blocking the sale. Based on the Microsoft-Activision saga, expect US Federal Trade Commission review, European Commission investigation, and UK Competition and Markets Authority analysis before anything finalizes.
EA and the investor consortium expect the deal to close during Q1 of fiscal year 2027, which runs from April through June 2026. That timeline assumes relatively smooth regulatory approval. If regulators raise objections similar to those Microsoft faced during its Activision Blizzard acquisition, the process could drag out significantly longer. The Microsoft-Activision deal took nearly two years from announcement to closure after multiple regulatory challenges and concessions.
Saudi Arabia’s Gaming Ambitions
This EA acquisition fits into Saudi Arabia’s broader strategy to become a major player in the global gaming industry. The Public Investment Fund has invested in multiple gaming companies including Embracer Group, Nintendo, Capcom, and others. Saudi Crown Prince Mohammed bin Salman launched the Savvy Games Group in 2022 with a $38 billion war chest specifically to acquire gaming companies and build esports infrastructure.
Critics argue this represents sportswashing and reputation laundering, using gaming investments to distract from Saudi Arabia’s human rights record, treatment of journalists, and other controversial policies. Supporters counter that sovereign wealth funds invest globally and gaming represents a legitimate growth industry. Regardless of perspective, EA becoming 93.4 percent Saudi-owned marks the kingdom’s largest gaming acquisition and gives them control over one of the industry’s most valuable publishers.
What Happens to Andrew Wilson
EA CEO Andrew Wilson will remain in his position after the buyout closes according to official announcements. The company will continue operating from its Redwood City, California headquarters. On paper, everything stays the same. In practice, Wilson now answers to Saudi Arabia’s Public Investment Fund instead of public shareholders. That fundamentally changes the power dynamics and priorities driving company decisions.
Wilson released a statement during the initial September announcement calling it a powerful recognition of EA’s creative teams and noting excitement about the future they’re building with new partners. Whether that optimism reflects genuine enthusiasm or contractually obligated public relations remains unclear. What is clear is that Wilson’s job now involves keeping Saudi Arabia’s PIF happy while managing $20 billion in debt, maintaining franchise quality, and preventing the talent exodus that often follows controversial acquisitions.
Could Another Buyer Still Emerge
Technically yes, though industry analysts consider it unlikely. The investor consortium’s deal isn’t finalized until regulators approve and the transaction closes. Another company could theoretically submit a competing bid. However, financing a $55 billion all-cash acquisition requires resources that very few entities possess. Microsoft, Sony, Tencent, or another sovereign wealth fund represent the only realistic alternatives with pockets deep enough.
Analysts suggest the shareholder approval and premium pricing make a competing bid even less probable. EA shareholders voted yes to $210 per share. Any competing offer would need to exceed that price significantly to sway shareholders who already approved the Saudi deal. Plus, most major gaming companies lack the cash reserves to outbid Saudi Arabia’s sovereign wealth fund, which has effectively unlimited resources tied to oil revenues.
The Death of Public Gaming Companies
EA going private represents a troubling trend in the gaming industry. When companies operate publicly on stock exchanges, they face scrutiny from investors, analysts, and regulators requiring financial transparency and accountability. Private companies operate with far less oversight. They don’t publish quarterly earnings. They don’t answer to public shareholders. And they can make decisions behind closed doors without explaining reasoning to anyone outside the ownership group.
For players and developers, this shift means less information about how companies operate, what decisions get made, and why franchises change direction. If EA as a private company decides to cancel Mass Effect 5, shut down BioWare, or pivot Apex Legends to a completely different monetization model, they have no obligation to explain those choices publicly. The transparency that comes with public markets disappears when companies go private under leveraged buyout arrangements.
FAQs
Did EA shareholders approve the Saudi Arabia buyout?
Yes. On December 22, 2025, EA shareholders voted to approve the $55 billion sale to an investor consortium led by Saudi Arabia’s Public Investment Fund. Shareholders will receive $210 per share in cash if the deal closes.
When will the EA buyout close?
EA expects the deal to close in Q1 of fiscal year 2027, which means April through June 2026. However, this timeline depends on government regulatory approvals from US, EU, and UK authorities who must review the acquisition.
Who is buying EA?
A consortium of investors led by Saudi Arabia’s Public Investment Fund, which will own 93.4% of EA. Silver Lake owns 5.5% and Affinity Partners (founded by Jared Kushner) owns 1.1%. The total acquisition price is approximately $55 billion.
How much debt will EA take on?
The leveraged buyout will saddle EA with approximately $20 billion in debt. The company currently operates with minimal debt but will become responsible for servicing these loans after the acquisition closes.
Will Andrew Wilson stay as EA CEO?
Yes. EA announced that Andrew Wilson will remain as Chairman and CEO after the acquisition closes. The company will continue operating from its Redwood City, California headquarters.
What happens to EA games like Mass Effect and Battlefield?
Unknown. The $20 billion debt load creates pressure to generate cash flow, which concerns employees who worry about layoffs and changes to game development priorities. Long-term single-player franchises like Mass Effect face uncertain futures under the new ownership structure.
Can another company still buy EA?
Theoretically yes, but analysts consider it unlikely. A competing bid would need to exceed $210 per share and come from an entity with over $55 billion in available cash. Few companies possess those resources.
Why is Saudi Arabia buying EA?
Saudi Arabia’s Public Investment Fund is investing heavily in gaming as part of Crown Prince Mohammed bin Salman’s strategy to diversify the kingdom’s economy beyond oil and become a major player in the global entertainment industry.
Conclusion
EA shareholders took the money. Can you blame them? A 25 percent premium over market price represents a solid return, especially for institutional investors who’ve held stock through years of EA’s public market volatility. But for the developers who built Mass Effect, Dragon Age, Battlefield, and The Sims, Monday’s vote marks the beginning of an uncertain chapter. They’re about to work for a company that’s 93.4 percent owned by Saudi Arabia’s sovereign wealth fund, carrying $20 billion in debt, with no obligation to explain decisions publicly anymore. The deal still needs regulatory approval, which could take months and potentially fail if governments raise concerns. But the biggest hurdle is cleared. EA shareholders voted yes, and unless regulators step in, one of gaming’s most iconic publishers will soon operate as a private company answering to Saudi Arabia while servicing massive debt loads. Whether this leads to business as usual or the cost-cutting nightmare employees fear won’t become clear until after the deal closes and new owners start making decisions about budgets, headcount, and franchise priorities. At that point, it’ll be too late to do anything except hope the new bosses understand that great games require time, money, and creative freedom, three things that don’t mix well with $20 billion in debt obligations.