Investing.com -- Saudi Arabia's Public Investment Fund and a group of investors received European Union approval on Friday for their $55 billion acquisition of video game developer Electronic Arts under the bloc's subsidy rules, according to a European Commission filing.

Electronic Arts said in a regulatory filing on Thursday that it had received all regulatory approvals as of July 30. The company expects to close the deal on August 4.

The deal received approval under EU merger rules last week. The review under the Foreign Subsidies Regulation was viewed as the larger obstacle.

The Foreign Subsidies Regulation is designed to prevent unfair non-EU subsidies granted to companies seeking to acquire rivals in the 27-country bloc.

The acquisition represents a major move by PIF in its efforts to become a global hub for games and sports. The deal reflects Saudi Arabia's broader strategy to diversify its economy from oil into infrastructure, tourism, sports, gaming and other sectors.