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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Electronic Arts Inc. (“EA” or “Electronic Arts”), a global leader in interactive entertainment, today announced that its acquisition by PIF, Silver Lake, and Affinity Partners (collectively, the “Consortium”) has successfully closed. The Consortium’s agreement to acquire EA was previously announced on September 29, 2025, and was approved by EA stockholders at the special meeting of stockholders held on December 22, 2025.

"This moment recognizes the extraordinary people whose creativity, ambition and passion have made EA one of the world's leading interactive entertainment companies," said Andrew Wilson, Chairman & CEO of Electronic Arts. "We're entering this next chapter from a position of strength with partners who share our vision and ambition. Together, we'll invest boldly, accelerate innovation, and build the next generation of games and experiences for the hundreds of millions of players and fans who inspire us every day."

“Having been a minority investor in the company for more than five years, we have a deep understanding of EA’s unique platform, massive global sports and gaming franchises, and iconic IP,” said Turqi Alnowaiser, Deputy Governor and Head of International Investments at PIF. “Entertainment and sports are key areas of strategic focus for PIF, and are among the fastest growing and evolving sectors around the world. Together, the Consortium is uniquely positioned to be a long-term partner to EA’s management team in driving sustained growth and innovation for EA and the industry.”

“EA’s franchises are some of the most beloved in entertainment, combining exceptional creative talent with a relentless focus on players,” said Egon Durban, CEO and Managing Partner of Silver Lake. “As long-term investors in technology, we admire how EA’s innovation fuels imagination and human connection. We’re proud to join with PIF and Affinity Partners to invest heavily in EA’s growth, including what AI can do to enhance game development and player experience, and excited to partner with Andrew and the EA team as they raise the bar for fans everywhere.”

“EA has created stories, characters, and communities that have become part of everyday life for hundreds of millions of people,” said Jared Kushner, Chief Executive Officer of Affinity Partners. “We're excited to support the company as it continues to reach new audiences, inspire the next generation of creators, and expand the ways people around the world connect through play.”

With the transaction complete, EA stockholders will receive $210 in cash for each share of EA common stock they owned as of the closing. EA’s common stock has ceased trading and will be delisted from NASDAQ.

Advisors

Goldman Sachs & Co. LLC served as EA’s financial advisor and Wachtell, Lipton, Rosen & Katz served as EA’s legal advisor.

Kirkland & Ellis LLP served as legal counsel to the Consortium. Kirkland & Ellis LLP served as lead legal counsel to PIF, with Gibson, Dunn & Crutcher LLP and White & Case LLP providing specialized counsel. Latham & Watkins LLP and Simpson Thacher & Bartlett LLP served as Silver Lake’s legal counsel. Sidley Austin LLP served as Affinity Partners’ legal counsel.

J.P. Morgan Securities LLC served as the Consortium's financial advisor.

About Electronic Arts

Electronic Arts is a global leader in digital interactive entertainment. The company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.

In fiscal year 2026, EA posted GAAP net revenue of approximately $7.5 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FC™, Battlefield™, Apex Legends™, The Sims™, EA SPORTS™ Madden NFL, EA SPORTS™ College Football, Need for Speed™, Dragon Age™, Titanfall™, Plants vs. Zombies™ and EA SPORTS F1 ®. More information about EA is available at www.ea.com/news.

EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Dragon Age, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and F1 are the property of their respective owners and used with permission.

About PIF

PIF is one of the world’s most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, deliver returns and drive the economic transformation of Saudi Arabia. The gaming and esports industry is one of its priority sectors, contributing to the diversification of the local economy, while at the same time driving investment returns.

About Silver Lake

Silver Lake is a global technology investment firm, with approximately $114 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $307 billion of revenue annually and employ approximately 433,000 people globally.

About Affinity Partners

Affinity Partners is a Miami-based investment firm founded in 2021 by Jared Kushner. With over $6B under management and a team of 30+ professionals, Affinity focuses on growth equity and technology investments at scale, with a flexible mandate across industries and geographies.

Cautionary Statement Regarding Forward-Looking Statements

Some statements set forth in this release contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the benefits of closing the transaction. These forward-looking statements are based on various assumptions, whether or not identified in this communication, are not guarantees of future performance and reflect management’s current expectations.

Our actual results could differ materially from those discussed in the forward-looking statements. Some of the factors which could cause EA’s results to differ materially from its expectations include the following: risks related to disruption of management time from ongoing business operations due to the transaction; the risk of any unexpected costs or expenses resulting from the transaction; the risk of any litigation relating to the transaction; the risk that the transaction could have an adverse effect on the ability of EA to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally; the risks and uncertainties that are described in the proxy statement that EA has filed with the Securities Exchange Commission (the “SEC”) in connection with the transaction; and other factors described in EA’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026, as well as in other documents EA has filed with the SEC.

These filings are available on the investor relations section of EA’s website at https://ir.ea.com or on the SEC’s website at https://www.sec.gov. The forward-looking statements made in this communication are current only as of the date hereof. EA assumes no obligation to revise or update any forward-looking statement, except as required by law.

Electronic Arts and PIF (Public Investment Fund) logos are seen in this illustration taken September 30, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesBRUSSELS, July 23 (Reuters) - A group of investors including Saudi Arabia's Public Investment Fund ​has secured EU antitrust approval for ‌its $55 billion acquisition of video game developer Electronic Arts (EA.O), opens new tab, the European Commission said on Thursday.

Saudi ​Arabia's $1 trillion wealth fund, Jared ​Kushner's Affinity Partners and private equity ⁠firm Silver Lake announced the deal, ​the largest leveraged buyout in history, in ​September last year.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

The Commission, which acts as the EU competition enforcer and had examined the ​deal under its merger rules, said ​the acquisition would not raise competition concerns, confirming a Reuters ‌story.

The ⁠EU executive is also scrutinising the deal under its Foreign Subsidies Regulation (FSR) aimed at preventing unfair non-EU subsidies granted ​to companies ​looking ⁠to acquire rivals in the 27-country bloc and is seen ​as a bigger hurdle.

PIF is ​also expected ⁠to win EU clearance under EU subsidy rules, people familiar with the matter ⁠told ​Reuters last week. The ​Commission's decision is due by July 30.

Reporting by Foo ​Yun Chee; Editing by K irsten Donovan

Our Standards: The Thomson Reuters Trust Principles., opens new tab

, /PRNewswire/ -- Oak-Eagle AcquireCo, Inc. (the "Offeror") announced today the extension of the Expiration Time and Settlement Date for the previously announced offers to purchase for cash (each, a "Tender Offer" and, together, the "Tender Offers") any and all of Electronic Arts Inc.'s (NASDAQ: EA) (the "Company") outstanding (i) 1.850% Senior Notes due 2031 (the "2031 Notes") and (ii) 2.950% Senior Notes due 2051 (the "2051 Notes" and, together with the 2031 Notes, the "Notes"), and solicitations of consents (each, a "Consent Solicitation" and, together, the "Consent Solicitations") from holders of the Notes (each, a "Holder" and, collectively, the "Holders") to certain proposed amendments (the "Proposed Amendments") to the indenture, dated as of February 24, 2016, as supplemented by that certain Second Supplemental Indenture, dated as of February 11, 2021, by and between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the "Trustee") (the "Indenture") (such consents being solicited are each a "Consent" and, collectively, the "Consents").

The previously announced Expiration Time of 5:00 P.M., New York City time, on July 15, 2026, has been extended with respect to all Holders to 5:00 P.M., New York City time, on July 30, 2026, unless extended or earlier terminated, and the Settlement Date has been extended to August 4, 2026, unless extended or earlier terminated. The Offeror intends to extend the Expiration Time, without extending the Withdrawal Deadline (unless required by law), such that it will remain within three business days prior to the Settlement Date, which we anticipate will occur on or about the closing date of the Merger. The Withdrawal Deadline of 5:00 P.M., New York City time, on February 24, 2026 (the "Withdrawal Deadline"), is not extended and has already expired and any Notes tendered after the Withdrawal Deadline may not be withdrawn.

The Tender Offers and the Consent Solicitations are being made in connection with, and are expressly conditioned upon the closing of, the acquisition of the Company pursuant to the Agreement and Plan ‎of Merger, dated September 28, 2025 (as it may be amended, supplemented or modified from time to ‎time, the "Merger Agreement"), by and among the Company, the Offeror and Oak-Eagle MergerCo, Inc., a Delaware corporation and a wholly-owned subsidiary of the Offeror ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly-owned subsidiary of the Offeror, in each case on and subject to the terms and conditions therein. The Offeror and Merger Sub were formed by an investor consortium consisting of The Public Investment Fund, Silver Lake and Affinity Partners, for purposes of engaging in the transactions contemplated by the Merger Agreement. The consummation of the Merger is not conditioned on the consummation of the Tender Offers and the Consent Solicitations.

The terms and conditions of the Tender Offers and Consent Solicitations are described in the Offer to Purchase and Consent Solicitation Statement relating to the Notes dated as of February 10, 2026 (as amended or supplemented from time to time, the "Offer to Purchase and Consent Solicitation Statement"). Capitalized terms used herein, but not otherwise defined, have the meanings ascribed to such terms in the Offer to Purchase and Consent Solicitation Statement.

The table below outlines the approximate principal amount of the Notes validly tendered and not validly withdrawn as of the date hereof, according to information provided by Global Bondholder Services Corporation, the depositary and information agent for the Tender Offers and the Consent Solicitations (the "Depositary and Information Agent"). Any Notes validly tendered after February 24, 2026, but on or prior to the Expiration Time, will be eligible to receive the Tender Offer Consideration set forth in the table below. The Offeror currently intends to accept all Notes tendered in the Tender Offers, subject to the satisfaction of the conditions described below.

Title of Notes

CUSIP/ISIN(1)

Outstanding
Principal
Amount

Reference
Security

Reference
Yield

Fixed
Spread
(bps)

Tender Offer
Consideration(2) (3)

Aggregate
Principal
Amount
Tendered

1.850% Senior
Notes due 2031

CUSIP:
285512AE9

ISIN:
US285512AE93

$750,000,000

3.750%
UST due
January 31,
2031

3.626 %

+0

$876.41

$68,819,000

2.950% Senior
Notes due 2051

CUSIP:
285512AF6

ISIN:
US285512AF68

$750,000,000

4.625%
UST due
November
15, 2055

4.705 %

+0

$696.18

$7,917,000

(1) The CUSIP numbers and ISINs referenced in this press release are included solely for the convenience of Holders. None of the Offeror, the Company, the Trustee, the Dealer Manager (as defined below), the Depositary and Information Agent nor their respective affiliates shall be held responsible for the selection or use of the referenced CUSIP numbers and ISINs, and no representation is made as to the correctness of any CUSIP number or ISIN on the Notes or as indicated in this press release or any other document.
(2) As defined in the Offer to Purchase and Consent Solicitation Statement. Calculated based on the Settlement Date of August 4, 2026. Subject to update pursuant to the Offer to Purchase and Consent Solicitation if the Tender Offers settle on a different date.
(3) Per $1,000 principal amount of Notes validly tendered and not validly withdrawn after February 24, 2026, but on or prior to the Expiration Time.

General Information

The Offeror's obligations to complete each Tender Offer and Consent Solicitation are subject to and conditioned upon the following having occurred or, in the case of the General Conditions, having been waived by the Offeror with respect to such Tender Offer and Consent Solicitation, as applicable: (1) the satisfaction of the Merger Condition, and (2) the satisfaction of the General Conditions. Each Tender Offer and Consent Solicitation is a separate offer and is not conditioned on any other Tender Offer or Consent Solicitation. There can be no assurance that any of the Tender Offers or the Consent Solicitations will be consummated. The Offeror may amend, extend or terminate the Tender Offers and the Consent Solicitations, in its sole discretion.

The Offeror intends to fund the Total Consideration (including accrued and unpaid interest), plus all related fees and expenses, using proceeds from the financing transactions to fund the Merger. Notes that are tendered and accepted in the Tender Offers will cease to be outstanding and will be cancelled.

Any Notes not tendered and purchased pursuant to the Tender Offers will remain outstanding. If the requisite Consents are received with respect to a series of Notes, and the Proposed Amendments become operative with respect to the Indenture for such series of Notes, then the applicable Notes that are not purchased pursuant to the Tender Offers will be subject to the Proposed Amendments. The Proposed Amendments would amend the Indenture to eliminate certain restrictive covenants, eliminate certain events of default and modify or eliminate certain other provisions with respect to such series of Notes. The Requisite Consents have not yet been received with respect to either series of Notes.

To the extent any Notes remain outstanding following the consummation of the Tender Offers and the Consent Solicitations, the Offeror currently intends to cause the Company to defease one or both series of Notes, in which case Holders of such Notes will continue to receive interest on each scheduled interest payment date and principal on the stated maturity date but will not benefit from any restrictive covenants removed pursuant to the defeasance, including the change of control repurchase obligations. The Proposed Amendments do not need to be adopted in order to defease one or both series of Notes in accordance with the terms of the Indenture. To the extent any Notes remain outstanding following the consummation of the Tender Offers and the Consent Solicitations, the Company may (or the Offeror may cause the Company to) also purchase, repurchase, redeem or otherwise acquire or retire the 2031 Notes and/or the 2051 Notes by any available means, including, without limitation, negotiated transactions, open market purchases, tender offers, redemption or otherwise, upon such terms and at such prices as the Offeror or the Company may determine. Any such transaction may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offers and the Consent Solicitations and will depend on various factors existing at that time. Finally, the Company may (or the Offeror may cause the Company to) leave outstanding any Notes that remain outstanding following the consummation of the Tender Offers and the Consent Solicitations or any transaction described in this paragraph.

J.P. Morgan Securities LLC has been retained as the dealer manager in connection with the Tender Offers and as the solicitation agent in connection with the Consent Solicitations (the "Dealer Manager"). In such capacities, it may contact Holders regarding the Tender Offers and the Consent Solicitations and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer to Purchase and Consent Solicitation Statement and related materials to beneficial owners of Notes. Requests for documents may be directed to the Depositary and Information Agent at: +1 (855) 654 2015 or [email protected]. Questions about the Tender Offers and the Consent Solicitations may be directed to J.P. Morgan Securities LLC at (866) 834-4466 or (212) 834-3424.

This press release is for informational purposes only. The Tender Offers and the Consent Solicitations are being made solely by the Offer to Purchase and Consent Solicitation Statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Tender Offers and the Consent Solicitations are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers or the Consent Solicitations to be made by a licensed broker or dealer, the Tender Offers and the Consent Solicitations will be deemed to be made on behalf of the Offeror by the Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

None of the Offeror, the Company, the Trustee, the Depositary and Information Agent, the Dealer Manager or any of their respective affiliates makes any recommendation as to whether Holders should tender or refrain from tendering their Notes, and no person or entity has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Notes and, if so, the principal amount of the Notes to tender.

Forward-Looking Statements

This press release contains or incorporates by reference certain "forward-looking statements" within ‎the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such ‎as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," ‎‎"believe," "estimate," "predict," "potential" or "continue" or other similar words. These forward-looking ‎statements are only predictions. These statements relate to future events and ‎involve known and unknown risks, uncertainties and other important factors that may cause the ‎actual outcomes to materially differ from those expressed or implied by these forward-looking statements. New factors ‎could emerge from time to time and it is not possible for us to predict all such factors. Because forward-looking ‎statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, ‎you should not rely on these forward-looking statements as guarantees of future events. These forward-looking ‎statements speak only as of the date made and are not guarantees of future performance of results, including the closing of the Merger and successful completion of the Tender Offers and the Consent Solicitations. The Offeror expressly ‎disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statement ‎contained or incorporated by reference herein to reflect any change in expectations with regard thereto or any ‎change of events, conditions or circumstances on which any such statement was based, except as required by law.‎

SOURCE Oak-Eagle AcquireCo, Inc.

On June 17, 2026, we present a DCF analysis for Electronic Arts Inc EA , a company that has shown a price performance of +34.9% over the past year, despite a year-to-date decline of -0.5%. The current price of EA stands at $203.02.

DCF Earnings-based intrinsic value indicates a significant overvaluation with a margin of safety of -405.4%. DCF FCF-based intrinsic value suggests a modest overvaluation with a margin of safety of -72.7%. GF Score™ of 90/100 indicates a high reliability of the DCF inputs. What Is EA Worth? DCF Earnings-Based Model The DCF earnings-based model for Electronic Arts Inc EA utilizes a two-stage approach to estimate the intrinsic value of the stock. The first stage accounts for the growth phase over the next ten years, while the second stage considers the terminal phase for the subsequent ten years.

Parameter Value Current EPS (TTM, excl. non-recurring) $3.48 10-Year Growth Rate 2.3% 10-Year Treasury Rate 4.43% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the first stage, the EPS is expected to grow at a rate of 2.3% per year for ten years, discounted at a rate of 11%. The calculated value for this growth stage is $22.84 per share. In the second stage, after year ten, the growth rate slows to a terminal growth rate of 4% for another ten years, also discounted at 11%, yielding a terminal stage value of $10.94 per share.

Stage Description Value Growth Stage (Years 1-10) EPS growing at 2.3%, discounted at 11% $22.84 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $10.94 Intrinsic Value Growth + Terminal $33.78 With the current price at $203.02, the intrinsic value calculated at $40.17 indicates that EA is significantly overvalued, with a margin of safety of -405.4%. It is important to note that GuruFocus uses EPS without non-recurring items, as research shows that stock prices correlate more closely with earnings than with free cash flow. For further analysis, you can visit the EA DCF Calculator.

What Does the Free Cash Flow DCF Say? The Free Cash Flow (FCF)-based intrinsic value for Electronic Arts Inc is calculated at $117.59. When comparing this with the earnings-based intrinsic value of $33.78, the two models suggest a modest overvaluation, with a margin of safety of -72.7%. This divergence highlights the importance of considering multiple valuation approaches when assessing a company's worth.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Electronic Arts Inc is calculated at $159.55, providing a third perspective on valuation. GF Value™ is GuruFocus' proprietary measure, derived from historical trading multiples, past business growth, and future performance estimates. All three models—DCF earnings, DCF FCF, and GF Value™—indicate that EA is overvalued, reinforcing the need for caution among investors. For more details, visit the GF Value™ page.

What Does EA's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 90/100 Financial Strength 8/10 Profitability 9/10 Growth 8/10 Valuation 5/10 Momentum 9/10 The predictability rank for EA is 2/5 stars, indicating that higher predictability means the DCF model is more reliable for this stock. For more insights, visit the EA stock page.

Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings, such as EA, produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not fully capture future market conditions.

What This Means for Investors In conclusion, the DCF earnings model indicates a significant overvaluation, while the FCF model suggests a modest overvaluation. The GF Value™ also supports this perspective, indicating that EA is overvalued. Overall, investors should exercise caution when considering EA as a potential investment. For the full DCF analysis, visit the EA DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is EA's intrinsic value based on DCF?

[Answer: earnings-based $40.17, FCF-based $117.59]

Is EA overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for EA?

[Answer using predictability rank 2/5]

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].