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

Davis Polk advised the joint arrangers and joint bookrunners, the administrative agent and collateral agent and the representatives of the several initial purchasers in financing to a consortium led by the Public Investment Fund (PIF), Silver Lake and Affinity Partners, for $20 billion to support their acquisition of Electronic Arts (EA).

The financing comprises a $6.125 billion senior secured term loan B facility, a €1.725 billion senior secured term loan B facility, a $3.25 billion senior secured term loan A facility, a senior secured $500 million revolving credit facility and a Rule 144A/Regulation S offering of $2.875 billion aggregate principal amount of 7.250% senior secured notes due 2033, €1.08 billion aggregate principal amount of 6.250% senior secured notes due 2033 and $2.5 billion aggregate principal amount of 8.750% senior notes due 2034. The transaction represents the largest all-cash sponsor take-private in history.

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 a net revenue of approximately $7.5 billion.

PIF is the sovereign wealth fund of Saudi Arabia, with more than $900 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 $114 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 included partners James A. Florack and Christopher Nairn-Kim, counsel Jeffrey (Man To) Hon and associates Elizabeth Rodgers and Emily (Yuhong) Su. The capital markets team included partner Michael Kaplan and counsel Joze Vranicar. Partner Frank Azzopardi and associate Shreya R. Kundur provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post