The Public Investment Fund is close to completing one of the largest acquisition deals in the history of the video game industry, after the European Commission gave the green light to an alliance led by the fund to acquire Electronic Arts, in a step that reflects the growing Saudi presence in digital and entertainment industries globally.

The European approval represents a pivotal regulatory milestone in the deal's path, as it removes one of the most prominent legal obstacles to its completion, and reinforces the Kingdom's direction towards building strategic investments in high-growth future sectors, in line with the goals of 'Vision 2030' to diversify the economy and cement Saudi Arabia's position as a key player in the global digital economy.

The European Commission approved on Thursday the acquisition of American video game developer Electronic Arts by the Saudi Public Investment Fund and its partners, after concluding that the deal does not raise competition concerns in European markets.

Video games

The Commission explained that the deal covers the production and distribution of video games on smartphones, computers, and gaming platforms, as well as the organization and marketing of esports tournaments, confirming that its impact on competition will be limited, and therefore it was approved under standard merger review procedures.

Electronic Arts had earlier agreed to an all-cash acquisition deal worth $55 billion, led by the Saudi Public Investment Fund, with Silver Lake and Affinity Partners participating as minority investors.

The company's shareholders had already approved the deal, while it still awaits final regulatory approvals before completion.

Electronic Arts shares closed Wednesday's trading at $208.95, compared to the acquisition price of $210 per share.