The Saudi-led $55 billion takeover of EA has closed

The Saudi-led $55 billion takeover of EA has closed Electronic Arts is once again a privately held company, but it's saddled with $20 billion in new debt. Electronic Arts is now privately owned after a $55 billion buyout of the game publisher closed on Tuesday. EA said last week the deal had cleared all of the required regulatory hurdles, paving the way for the company and its new owners to wrap things up, several months later than they originally anticipated. The proposed acquisition was announced last September and EA shareholders voted in favor of the deal a few months later. Saudi Arabia's Public Investment Fund now owns over 93 percent of the company. Private equity firms Silver Lake and Affinity Partners are also among the new owners. Current CEO Andrew Wilson remains at the helm of EA, which is still based in Redwood City, California. The takeover is the largest leveraged buyout in history. The buyers used $20 billion in debt financing to secure the deal. EA will have to pay that back over time. For the company's most recent fiscal quarter, which ended June 30, it posted a profit of $387 million after operating expenses and taxes. In a letter to EA employees announcing the deal's closure, Wilson reiterated the company's commitment to "building the world's greatest games, communities, and creative culture."