EA confirms it will go private in $55 billion acquisition

The video game giant will be owned by the Saudi Arabia Public Investment Fund (PIF), Silver Lake and Affinity Partners.

Beleaguered video game giant Electronic Arts has agreed to a $55 billion acquisition that will take the company private. Saudi Arabia Public Investment Fund (PIF), Silver Lake and Affinity Partners have reached a deal to buy EA, the company said in a statement.

Some details about the proposed arrangement surfaced over the weekend. The deal, the largest-ever leveraged buyout, according to Bloomberg, marks the end of EA's 35-year run as a publicly traded company. “Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic IP, and created significant value for our business," EA CEO Andrew Wilson said in a statement. "This moment is a powerful recognition of their remarkable work."

EA hasn't been ...