Video game giant Electronic Arts is being sold for €47 billion.
Buyers include Saudi Arabia's sovereign wealth fund PIF and the fund of Jared Kushner, Trump's son-in-law.
BarcelonaThe board of directors of the video game giant Electronic Arts (EA) has approved its sale to the Saudi Arabian sovereign wealth fund PIF, the asset management firm Silver Lake Partners and the Affinity Partners fund, owned by Jared Kushner, son-in-law of US President Donald Trump, for $55 billion (US$7 billion). This is one of the largest transactions in the history of the sector.
Electronic Arts is a benchmark within the video game industry, as it is the company that creates highly successful console and computer games worldwide, including FIFA, The Sims, Need for Speed and Battlefield, as well as series derived from film and literary franchises, such as Harry Potter and The Lord of the Rings.
The group's stock market value is around $48 billion. However, under the terms of the transaction, EA shareholders will receive $210 per share in cash, valuing the company at $55 billion, according to a company statement issued Monday.
The decision was made "after a careful evaluation" and after finding that the transaction "is in the best interest of the company and its shareholders," according to the official statement. With the announcement of the sale, trading in the company's shares has been suspended, having risen 6% before the opening of trading in the US on Monday.
This transaction is reminiscent of Microsoft's $68.7 billion acquisition of ActiveX Blizzard. However, that transaction was a long process in the face of a potential Microsoft monopoly. In this case, if it finally materializes, it will make Saudi Arabia a leading player in this industry.