Saudi PIF, Jared Kushner-backed firm win EU approval for $55bn EA takeover

BRUSSELS: A group of investors including Saudi Arabia’s Public Investment Fund (PIF) ​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.

The European Commission, the EU’s competition regulator, said its review found that the proposed acquisition would not pose competition concerns under the bloc’s merger rules, confirming an earlier Reuters report.

However, the transaction remains under review under the EU’s Foreign Subsidies Regulation (FSR), which is designed to prevent companies benefiting from non-EU state subsidies from gaining an unfair advantage when acquiring businesses within the 27-member bloc. The FSR review is widely regarded as the more significant regulatory hurdle for the deal.

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.