新兴技术研究：EA的收购

EMERGING TECH RESEARCHEA’s Buyout PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Play of the game: PIF’s $55 billion bet James UlanDirector of EmergingTechnology Research PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis Eric BellomoSenior Research Analyst,E-Commerce and Gamingeric.bellomo@pitchbook.com Key takeaways •At the end of September, Saudi Arabia’s PIF announced a $54.7 billion LBO ofEA, the second-largest gaming deal ever after Microsoft’s Activision Blizzardpurchase and one of the biggest LBOs in history. DataHarrison WaldockData Analyst •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 debtfinancing underwritten by J.P. Morgan. pbinstitutionalresearch@pitchbook.com PublishingDesigned byJosie Doan •The deal reflects PIF’s strategy to diversify beyond oil and deepen its investmentsin gaming, esports, and technology infrastructure, aligning with the Gulf region’sbroader economic transformation. Published on October 6, 2025 •EA’s shift to private ownership is expected to reduce quarterly earningspressure, allowing it to focus on revitalizing core franchises such as Battlefield,EA Sports FC, and Apex Legends and explore new models in subscriptions andAI-driven development. Contents Key takeaways1Deal overview2Geopolitical realignment and the roleof gaming2Development costs and industry economics3Asset bifurcation and ossifiedplaying patterns3EA’s track record and trajectory4Deal activity and exit outlook5 •The acquisition underscores a growing split in the gaming sector, whereblockbuster firms attract capital and strategic buyers while smaller studios facerising costs and consolidation pressures. Deal overview On September 29, Saudi Arabia’s Public Investment Fund (PIF) announced a $54.7billion LBO of Electronic Arts (EA), the second-largest gaming transaction afterMicrosoft’s $75.4 billion acquisition of Activision Blizzard in 2023 and rankingamong 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 billionin debt underwritten by J.P. Morgan. The deal is expected to close next spring andreflects affordable debt access, ample dry powder, and an interest in stable cash flow. EA’s buyout extends a string of purchases forUS and other international gaming assets viapositions in Take-Two Interactive Software,Scopely, Niantic, Nintendo, and others. Morningstar views the takeout price of $210 per share as a win for shareholders,sitting above EA’s $150 fair value estimate.1Megadeals of this scale have beenexceedingly rare in credit markets since the Federal Reserve began raising rates, butsupply-demand imbalances in the broadly syndicated loan market have tightenednew-issue spreads to the lowest levels since the global financial crisis.2 The size of the deal, the transfer of a US asset to offshore ownership, and access toplayer data likely necessitate regulatory review, but we view approval risk as limited,particularly given Affinity Partners’ participation. The deal places EA and gaming atthe convergence of sovereign wealth, PE, and geopolitics. Geopolitical realignment and the role of gaming PIF continues to leverage gaming, esports, and interactive entertainment foreconomic diversification in its strategic shift from oil dependence. Gaming’sasset-light development model complements the Gulf region’s broader technologyinvestments in AI and computing infrastructure. EA’s buyout reflects bothunderwhelming growth from EA in recent years and strategic alignment with growthstrategies deployed across the Gulf region. The region’s gravitational pull toward gaming has only strengthened since thePIF-backed Savvy Games Group (SGG) launched with a $40 billion war chest in 2021.EA’s buyout extends a string of purchases for US and other international gamingassets via positions in Take-Two Interactive Software, Scopely, Niantic, Nintendo,and others. Rising cultural adoption and investment are making MENA one of thefastest-growing gaming markets globally, with its 7.5% YoY growth underpinned bya young, digital-native population.3The International Olympic Committee’s pushto launch the Olympic Esports Games in Saudi Arabia underscores the region’scultural pull, while Tencent, Sony, and other incumbents struck deals across MENAthis year. We view emerging marketsas a critical growth vectorfor the industry asestablished markets plateau. Development costs and industry economics Typical AAA