business ๐ฎ Saudi-backed group buys gaming giant EA for $55bn
A Saudi-led group, including the PIF, has finalized the $55bn purchase of gaming giant Electronic Arts (EA). The investors, which feature Affinity Partners led by Jared Kushner, are taking the American company private. The deal, which involves borrowing $20bn from JPMorgan, is considered a massive leveraged buyout. Concerns exist among fans regarding creative decisions due to potential influence from PIF in Saudi Arabia. EA's CEO Andrew Wilson will stay on, and the company generates $7.5bn in annual revenue. ๐ฎ