Saudi Arabia's Public Investment Fund (PIF) is close to securing European Union approval for its acquisition of Electronic Arts (EA) under subsidy rules. This was reported by Qazaqyia.kz citing Reuters.
According to sources, EU competition regulators are not opposed to PIF's purchase of EA, as the deal complies with subsidy rules. This decision marks a significant milestone in Saudi Arabia's international investment strategy.
PIF is Saudi Arabia's main sovereign wealth fund, one of the largest in the world. Electronic Arts is a company that produces globally renowned video games, including popular series such as FIFA, Madden NFL, and The Sims.
If approved, the deal would expand PIF's involvement in the gaming industry and align with Saudi Arabia's plans to diversify its economy.