An Electronic Arts video game logo is seen at the Electronic Entertainment Expo.
Lucy Nicholson | Reuters
Electronic Arts said Monday that it has agreed to be acquired by the Public Investment Fund of Saudi Arabia, Silver Lake and Affinity Partners in an all-cash deal worth $55 billion.
Shareholders of the company will receive $210 per share in cash.
Trading was halted on EA with the stock up about 6% premarket. Shares gained about 15% Friday, closing at $193.35, after the Wall Street Journal reported that the company was nearing a deal to go private.
Affinity CEO Jared Kushner, who is President Donald Trump’s son-in-law, touted EA’s “bold vision ​for ​the ​future” in a release announcing the deal.
“I’ve admired their ​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,” Kushner said in a statement.
The take-private deal for the maker of popular games like Battlefield, The Sims and the Madden series of NFL games, among others, is set to be the largest leveraged buyout in Wall Street history.
PIF is rolling over its existing 9.9% stake in the company.
EA 5-day stock chart.
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