Saudi PIF's $55 billion EA deal approved under EU merger rules

BRUSSELS, July 23 (Reuters) - ‌A ​group ​of investors including Saudi Arabia's Public Investment Fund has secured EU ‌antitrust approval for its $55 billion acquisition ⁠of video game developer Electronic Arts, the ‌European Commission said on ‌Thursday.

Saudi Arabia's $1 trillion wealth fund, Jared Kushner's Affinity Partners and private equity firm ​Silver Lake announced the deal, the largest leveraged buyout in history, ⁠in September last year.

The Commission, which acts as the ​EU competition enforcer and had examined the deal under its merger rules, ​said the acquisition would ‌not raise competition concerns, confirming a Reuters story.

The EU executive ⁠is also scrutinising the deal under its Foreign Subsidies Regulation (FSR) aimed at preventing unfair ⁠non-EU subsidies granted to companies looking to acquire ​rivals in the 27-country bloc and is seen as a bigger hurdle.

PIF is also expected ‌to win EU clearance under EU subsidy rules, people familiar ‌with the matter told Reuters last ⁠week. The Commission's ‌decision is due ​by July 30.

(Reporting by Foo Yun Chee; Editing by K irsten ‌Donovan)

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