Saudi Arabia’s Public Investment Fund and a group of investors have gained EU approval for their $55 billion acquisition of video game developer Electronic Arts under the bloc’s subsidy rules, a European Commission filing showed on Friday.
The deal secured a green light under EU merger rules last week, but the review under the Foreign Subsidies Regulation (FSR) was seen as the bigger hurdle.
The FSR aims to prevent unfair non-EU subsidies granted to companies looking to acquire rivals in the 27-country bloc.
Deal Details
The deal is a major push by PIF in its efforts to become a global hub for games and sports, betting on the enduring value of blockbuster game franchises as the industry recovers from a prolonged downturn.
It also underscores Saudi Arabia’s diversification from oil into infrastructure, tourism, sports and gaming and other sectors.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
