A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has secured European Union approval for its proposed $55 billion acquisition of video game publisher Electronic Arts (EA) under the bloc’s foreign subsidy rules, according to a European Commission filing released on Friday.
In a regulatory filing on Thursday, EA said it had obtained all required regulatory approvals by July 30 and expects the transaction to be completed on August 4.
While the deal received clearance under the EU’s merger rules last week, approval under the bloc’s Foreign Subsidies Regulation (FSR) was considered the more significant regulatory hurdle.
The FSR is designed to prevent companies benefiting from unfair non-EU state subsidies from gaining an advantage when acquiring businesses within the 27-member European Union.
The acquisition marks another major step in Saudi Arabia’s strategy to expand its presence in the global gaming and sports industries, as the kingdom seeks to capitalise on the long-term value of major video game franchises.
The investment also reflects Riyadh’s broader economic diversification agenda, which aims to reduce dependence on oil by expanding into sectors including gaming, sports, tourism and infrastructure.