PitchBook分析师注：EA的收购（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-Commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Josie DoanPublished on October 6, 2025ContentsEMERGING TECH RESEARCHEA’s BuyoutPlay of the game: PIF’s $55 billion betPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• At the end of September, Saudi Arabia’s PIF announced a $54.7 billion LBO of EA, the second-largest gaming deal ever after Microsoft’s Activision Blizzard purchase and one of the biggest LBOs in history.• The transaction involves $34.7 billion in equity, PIF’s existing 9.9% stake, participation from Silver Lake and Affinity Partners, and $20 billion in debt financing underwritten by J.P. Morgan.• The deal reflects PIF’s strategy to diversify beyond oil and deepen its investments in gaming, esports, and technology infrastructure, aligning with the Gulf region’s broader economic transformation.• EA’s shift to private ownership is expected to reduce quarterly earnings pressure, allowing it to focus on revitalizing core franchises such as Battlefield, EA Sports FC, and Apex Legends and explore new models in subscriptions and AI-driven development.• The acquisition underscores a growing split in the gaming sector, where blockbuster firms attract capital and strategic buyers while smaller studios face rising costs and consolidation pressures.Key takeaways 1Deal overview 2Geopolitical realignment and the role of gaming 2Development costs and industry economics 3Asset bifurcation and ossified playing patterns 3EA’s track record and trajectory 4Deal activity and exit outlook 52Analyst Note: EA’s BuyoutDeal overviewOn September 29, Saudi Arabia’s Public Investment Fund (PIF) announced a $54.7 billion LBO of Electronic Arts (EA), the second-largest gaming transaction after Microsoft’s $75.4 billion acquisition of Activision Blizzard in 2023 and ranking among the largest LBOs in history alongside the buyouts of EMC ($67 billion), Energy Future Holdings ($45 billion), and Walgreens Boots Alliance ($39.8 billion). The take-private is structured around $34.7 billion in equity, PIF’s existing 9.9% stake, participation from Jared Kushner’s Affinity Partners and Silver Lake, and $20 billion in debt underwritten by J.P. Morgan. The deal is expected to close next spring and reflects affordable debt access, ample dry powder, and an interest in stable cash flow. Morningstar views the takeout price of $210 per share as a win for shareholders, sitting above EA’s $150 fair value estimate.1 Megadeals of this scale have been exceedingly rare in credit markets since the Feder