Saudis seek EU approval for $55 billion EA deal, decision by July 22

Saudis seek EU approval for $55 billion EA deal, decision by July 22 BRUSSELS, June 17 : A group of investors including Saudi Arabia's Public Investment Fund has sought EU antitrust approval for its $55 billion acquisition of videogame developer Electronic Arts, according to a European Commission filing on Wednesday. The Commission, which acts as the EU competition enforcer, set a July 22 deadline for its decision. It can either clear the deal with or without remedies or open a full-scale investigation if it has serious concerns. The group, which includes Jared Kushner's Affinity Partners and private equity firm Silver Lake, announced the deal for the maker of "Battlefield" and "Madden NFL" in September last year. The PIF, Saudi Arabia's $1 trillion wealth fund, is betting on the enduring value of blockbuster game franchises as the industry recovers and the kingdom strives to become a global hub for games and sports. The deal, which is expected to secure EU antitrust approval, will also need approval under EU rules aimed at preventing unfair foreign subsidies granted to companies to acquire rivals. The group has yet to seek EU clearance under the bloc's subsidy rules.