New York (CNN) — Video game maker Electronic Arts is going private in a $55 billion deal that’s funded by Saudi Arabia and a Jared Kusher-backed investment firm.

The company, which makes hits like “Madden NFL,” “The Sims,” and “Battlefield,” announced Monday that the consortium is led by Saudi Arabia’s Public Investment Fund, Silver Lake, and Kushner’s Affinity Partners. They are paying shareholders $210 per share — making it the largest buyout on record.

Shares of EA (EA) jumped about 5% in premarket trading. The purchase is a 25% premium on Friday’s closing price prior to reports of a buyout, first reported by the Wall Street Journal.

“Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic IP, and created significant value for our business,” said EA CEO Andrew Wilson in a press release.

Kushner said he’s admired EA’s “ability to create iconic, lasting experiences, and as someone who grew up playing their games — and now enjoys them with his kids — I couldn’t be more excited about what’s ahead.”

The deal is expected to close in the first quarter of fiscal year 2027 and is subject to regulatory approval.

EA, founded in 1982, has a broad portfolio of well-known hits, ranging from sports to first-person shooting games, including the eagerly awaited release of “Battlefield 6.”

Last year, the company laid off 5% of its workforce, joining other video game companies that have reduced their headcount after experiencing a boom during the height of Covid-19 and changing consumer habits.

The-CNN-Wire
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