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Jared Kushner’s firm and the Saudis are taking video game maker EA private in a massive deal
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CBS58 News
Christian Petersen/Getty Images via CNN NewsourceBy Jordan Valinsky, CNNNew York (CNN) — Video game maker Electronic Arts is going private in a $55 billion deal that’s funded by Saudi Arabia and a Jared Kusher-backed investment firm.
The company, which makes hits like “Madden NFL,” “The Sims,” and “Battlefield,” announced Monday that the consortium is led by Saudi Arabia’s Public Investment Fund, Silver Lake, and Kushner’s Affinity Partners.
They are paying shareholders $210 per share — making it the largest buyout on record.
Shares of EA (EA) jumped about 5% in premarket trading.
The purchase is a 25% premium on Friday’s closing price prior to reports of a buyout, first reported by the Wall Street Journal.