In a somewhat surprising team up, Jared Kushner and Saudi Arabia’s sovereign wealth fund are joining together to buy video game giant Electronic Arts for a staggering $55 billion.
EA announced today that it has agreed to be taken private by a group of investors that includes Kushner’s private-equity firm Affinity Partners, Saudi Arabia’s Public Investment Fund (PIF), and investment firm Silver Lake. The group plans to pay stockholders $210 a share in cash.
The deal comes as the gaming industry has seen younger gamers gravitate more toward mobile and free-to-play hits like Fortnite and Roblox, rather than the pricey, franchise-driven blockbusters EA is known for. Founded in 1982 by ex-Apple exec Trip Hawkins, EA has built mega-series like sports franchises FIFA and Madden NFL, as well a