Saudi Group Seeks EU Approval for $55 Billion Electronic Arts Acquisition by July 22
EU Antitrust Review of Saudi-Led Electronic Arts Acquisition
BRUSSELS, June 17 (Reuters) - A group of investors including Saudi Arabia's Public Investment Fund has sought EU antitrust approval for its $55 billion acquisition of videogame developer Electronic Arts, according to a European Commission filing on Wednesday.
European Commission’s Decision Timeline
The Commission, which acts as the EU competition enforcer, set a July 22 deadline for its decision. It can either clear the deal with or without remedies or open a full-scale investigation if it has serious concerns.
Key Players in the Acquisition
Investor Group Details
The group, which includes Jared Kushner's Affinity Partners and private equity firm Silver Lake, announced the deal for the maker of "Battlefield" and "Madden NFL" in September last year.
Saudi Arabia’s Strategic Investment
The PIF, Saudi Arabia's $1 trillion wealth fund, is betting on the enduring value of blockbuster game franchises as the industry recovers and the kingdom strives to become a global hub for games and sports.
Regulatory Hurdles and Next Steps
EU Antitrust and Subsidy Rules
The deal, which is expected to secure EU antitrust approval, will also need approval under EU rules aimed at preventing unfair foreign subsidies granted to companies to acquire rivals.
Pending EU Clearance Under Subsidy Rules
The group has yet to seek EU clearance under the bloc's subsidy rules.
(Reporting by Foo Yun Chee. Editing by Mark Potter)