Electronic Arts to be sold: company debt will rise by $20 billion
The deal will cost investors $55 billion.
Electronic Arts has agreed to sell itself to a group of investors. The deal is set to close on August 4.
The main owner of EA will be the Saudi Arabian Public Investment Fund, which will acquire 93.4% of the company's shares. The American investment group Silver Lake will receive 5.5%, while 1.1% will go to Affinity Partners, founded by Jared Kushner.
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As a result of the deal, Electronic Arts' debt will increase by approximately $20 billion. The company will need to boost profits and cut costs.
After the deal is finalized and Electronic Arts becomes a private company, a restructuring process is expected, along with potential layoffs.
