Investors, including Saudi Arabia's Public Investment Fund (PIF), are set to receive European Union approval for a $55 billion acquisition of video game developer Electronic Arts under EU rules, according to Reuters citing people familiar with the matter.

A consortium comprising the Saudi sovereign wealth fund, which is valued at about $1 trillion, Affinity Partners owned by Jared Kushner, and private investment firm Silver Lake announced the deal in September. It is the largest debt-financed acquisition in history.

The deal is a major boost for PIF's efforts to become a global hub for gaming and sports, as it bets on the enduring value of popular game series while the industry recovers from a prolonged downturn.

It also underscores Saudi Arabia's diversification of its economy away from oil towards infrastructure, tourism, sports, gaming, and other sectors.

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The European Commission, acting as the EU's competition watchdog, is expected to approve the deal after completing its preliminary review under the Foreign Subsidies Regulation (FSR) on July 30, according to Reuters sources.

Both the Commission and Electronic Arts declined to comment. The fund did not respond to email requests for comment.

The Foreign Subsidies Regulation (FSR) aims to prevent unfair subsidies from outside the EU for companies seeking to acquire competitors in the 27-nation bloc.

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The deal is also expected to receive unconditional EU approval under merger rules when the preliminary review ends on July 22.

Two previous deals involving Middle Eastern companies—Abu Dhabi state oil company ADNOC's acquisition of German chemicals company Covestro, and UAE telecoms group e&'s offer to acquire parts of Czech telecoms firm PPF—were only approved after lengthy investigations and corrective measures.

PIF invests in the world's largest gaming companies

Saudi Arabia's national gaming and esports strategy aims to contribute about 50 billion riyals to GDP by 2030, create 39,000 direct jobs, and make the kingdom home to more than 250 specialized game development companies.

PIF has strengthened its presence in the sector through Savvy Games Group, which acquired Scopely, the developer of Monopoly Go, for $4.9 billion in 2023.

The fund also holds investments in several of the world's largest gaming companies.