Brazil’s regulator has essentially said the quiet part out loud: this isn’t a three-company deal at all. According to The Wall Street Journal, the Saudis are set to gain near-total control over EA once the acquisition closes.

Electronic Arts made history in 2025. Not only did the publisher revive one of its most acclaimed entries in the Battlefield franchise, but Andrew Wilson’s company also became the target of the largest buyout the video game industry has ever seen. Saudi Arabia, Silver Lake Partners, and Affinity Partners are set to spend 55 billion dollars to acquire the entire company, its workforce, and every one of its IPs. Yet among the trio, only one buyer has become the center of attention: the Saudi state investment fund.

Unlike Microsoft’s purchase of Activision Blizzard or Sony’s acquisition of Bungie, this transaction was deliberately structured to limit regulatory pressure. That is why Silver Lake and Affinity were included, even though they will only hold minority stakes of 5.5% and 1.1%. Both have experience in major tech investments – Silver Lake, for example, is a key investor in Dell Technologies.

But reality surfaced thanks to an unexpected source: Brazil. Documents filed with the country’s antitrust authority (via The Wall Street Journal) state that once the deal is finalized, full control of EA will rest with Saudi Arabia. Silver Lake and Affinity may be formally involved, but both rely heavily on financing from the Saudi PIF (Public Investment Fund), suggesting that their presence serves primarily to facilitate the acquisition rather than exercise genuine influence. One notable figure in the background is Jared Kushner, former US President Donald Trump’s son-in-law and a key Affinity affiliate, whose relationship with the Saudi leadership played a central role in securing the agreement.

The acquisition still has major hurdles to clear. Recent disclosures show that Saudi Arabia’s PIF currently has “limited cash” for new ventures and for maintaining existing operations. Up to 20 billion dollars of the transaction will be financed through loans – a significant amount that raises questions about the long-term viability of the investment. High-interest debt could ultimately push EA toward riskier strategies, including aggressive AI spending, cost-cutting measures, or even selling studios to ensure profitability.

What is certain, however, is that this deal positions Saudi Arabia as one of the most powerful players in the global gaming landscape – more prominently than ever before.

Source: 3djuegos