European approval for Saudi-led acquisition of Electronic Arts for $55 billion
Electronic Arts Inc. EA | 0.00 |
BRUSSELS, July 23 (Reuters) - A group of investors, including Saudi Arabia's Public Investment Fund, has received approval from EU antitrust authorities for its $55 billion takeover of video game developer Electronic Arts, the European Commission said on Thursday.
The Saudi sovereign wealth fund, which has assets estimated at around $1 trillion, along with Affinity Partners, a company owned by Jared Kushner, son-in-law of US President Donald Trump, and private equity firm Silver Lake, announced the deal last September, which was described as the largest debt-financed acquisition in history.
The European Commission, which enforces competition rules in the European Union and reviewed the deal under merger rules, said the acquisition did not raise competition concerns, confirming an earlier Reuters report.
Meanwhile, the European Union's executive arm continues to scrutinize the deal under the Foreign Subsidies Regulation, which aims to prevent companies seeking to acquire rivals within the 27-nation bloc from receiving foreign government support that gives them an unfair advantage, and is seen as the biggest obstacle to completing the deal.
Sources familiar with the matter told Reuters last week that the Public Investment Fund is also expected to receive EU approval under foreign support rules, with the Commission expected to issue its final decision by July 30.
