Electronic Arts is departing public markets in a landmark $56 billion leveraged buyout led by Saudi Arabia's Public Investment Fund (PIF), Silver Lake Partners, and Affinity Partners—the largest LBO in history and gaming's second-biggest acquisition ever.
The transaction cleared a critical regulatory milestone on February 13, 2026, when the Hart-Scott-Rodino antitrust waiting period expired. If completed by mid-2026 as expected, the deal will surpass all previous leveraged buyouts and trail only Microsoft's $68.7 billion Activision Blizzard acquisition in gaming history.
The EA buyout has catalyzed an extraordinary surge in gaming M&A activity, pushing total deal value through Q3 2025 to $65.4 billion—more than 14 times the $4.5 billion recorded in the same period of 2024. Industry analysts point to the deal as a watershed moment that could trigger further consolidation among major publishers.