The transaction represents the largest all-cash sponsor take-private in history

Davis Polk is advising the committed debt financing party, lead arranger and bookrunner in connection with $20 billion of committed financing to a consortium led by the Public Investment Fund (PIF), Silver Lake and Affinity Partners, to support their acquisition of Electronic Arts (EA). The transaction represents the largest all-cash sponsor take-private in history, and the financing marks the largest debt commitment ever underwritten by a single bank.

EA is a global leader in digital interactive entertainment. The company develops and delivers games, content and online services for internet-connected consoles, mobile devices and personal computers. In 2025, EA reported net revenue of approximately $7.5 billion.

PIF is the sovereign wealth fund of Saudia Arabia, with more than $925 billion of assets under management and more than 220 portfolio companies across 13 strategic sectors.

Silver Lake is a global technology investment firm, with more than $110 billion in combined assets under management.

Affinity Partners is a Miami-based investment firm founded in 2021 with over $5.4 billion assets under management. Affinity focuses on growth equity, financial services and technology investments at scale, with a flexible mandate across industries and geographies.

The Davis Polk finance team includes partners James A. Florack and Christopher Nairn-Kim, counsel Benjamin Cheng, Randall (Randy) Dorf, Roxanne Walton and Jeffrey (Man To) Hon and associates Elizabeth Rodgers and Emily (Yuhong) Su. Partners Michael Kaplan and Daniel P. Gibbons, counsel Joze Vranicar and associate Kristiana J. Olson are providing capital markets advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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