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Saudi-led group completes $55bn purchase of gaming giant EA

#bbc#saudi#arabia#games#deal#photo
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Electronic Arts EA's football titles - from Fifa to EA FC - have sold over 325 million copies since the first release in 1993 The sale of gaming giant Electronic Arts (EA) for $55bn (£41bn) to a group of buyers including Saudi Arabia's Public Investment Fund (PIF) has been finalised. The American company is known for making and publishing best-selling games such as EA FC, formerly known as Fifa, The Sims and Mass Effect. The investors, who include Affinity Partners - led by President Donald Trump's son-in-law, Jared Kushner - are taking EA private, meaning all of its public shares will be purchased and it will no longer be traded on a stock exchange. It is thought to be the largest leveraged buyout in history, meaning a significant part of it is paid for with borrowed money, which the company will have to pay back. This is because as well as the $36bn it has already put into the deal, PIF needs to borrow $20bn from investment bankers JPMorgan to close it, with the business taking on the debt.…

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