Electronic Arts called a Dec 22, 2025 stockholder vote on a $210-a-share cash buyout

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Electronic Arts filed its definitive merger proxy statement on Nov 20, 2025, the document a company sends shareholders before they vote on a deal, and called a virtual-only special meeting for Dec 22, 2025. Stockholders were to vote on adopting the merger agreement under which a consortium of the Public Investment Fund (PIF), Silver Lake funds and Affinity Partners funds would acquire the company at $210.00 in cash a share. Holders of record on Nov 19, 2025 could vote; 250,106,129 shares were entitled to vote. The merger needed a majority of the voting power of all outstanding shares, so a share that was not voted, or whose holder abstained, had the same effect as a vote against.1^,2^,3^,4^,5^,6^,7^,8

The price was a 24.8% premium to EA's closing share price on Sep 25, 2025, the last full trading day before published market speculation about a sale of the company. EA's announcement of Sep 29, 2025 put the deal at an enterprise value of approximately $55 billion, meaning the shares plus debt, less cash. The proxy stated that the total funds needed for the merger and related transactions were approximately $55 billion, which included repaying or refinancing EA's existing debt, with some exceptions, and paying fees and expenses. Members of the consortium had committed about $36.4 billion of equity financing, and certain financing sources had committed $20 billion of debt financing. PIF, which beneficially owned 9.9% of EA's shares and was part of the consortium, had agreed to vote them for the merger, as had certain directors and officers who together owned less than 1%.9^,10^,11^,12^,13^,14^,15^,16^,17^,18^,19

EA publishes games including Apex Legends, Battlefield 6, Dead Space, The Sims 4 and EA Sports FC 26, and the studios under it include BioWare, EA DICE and Respawn Entertainment. In its announcement, EA said that after the deal it would remain headquartered in Redwood City, California, led by Andrew Wilson as CEO, and that its stock would no longer be listed on any public market. The board found the terms fair to stockholders, and Goldman Sachs gave it an opinion that, as of Sep 28, 2025, the $210.00 cash price was fair from a financial point of view to holders other than the buyer and its affiliates.20^,21^,22^,23^,24^,25^,26^,27

EA entered into the merger agreement on Sep 28, 2025 and announced it on Sep 29, 2025. The proxy said the merger could not be completed until the Hart-Scott-Rodino antitrust waiting period ended, the parties received a clearance from CFIUS, the US foreign-investment review committee, and approvals arrived in other jurisdictions including Canada and the EU. EA stockholders approved the merger at the Dec 22, 2025 meeting, and EA reported the acquisition closed in an 8-K filed Aug 4, 2026.28^,11^,29^,30^,31^,32^,33^,34

We hold the text of this proxy statement but not its exhibits, and none of the six deal documents we hold states an equity value.35^,36