The acquisition of Electronic Arts for $55 billion is scheduled to be finalized on August 4 after receiving approval from all necessary regulatory bodies.
According to a SEC filing submitted yesterday, EA stated that the “completion of the merger is contingent upon meeting the remaining standard closing conditions outlined in the merger agreement.”
The merger was also cleared by the EU Commission earlier this week, which determined that it “does not pose any competition concerns, as it has minimal impact on the markets where the companies operate. The merger was reviewed through the standard procedure for mergers.”
In an updated annual report filed on July 28, EA provided an overview of its performance following the release of its full-year results. Net income saw a significant increase of 81.5% to $461 million, while net revenue rose by 12% to $2.1 billion.
The success was largely attributed to Battlefield 6, which successfully met all expectations for a successful launch and received favorable reviews from critics, stable services, and engaging gameplay.
However, in March, an unspecified number of employees from four studios involved in the game were laid off.
In a statement to GamesIndustry.biz, the company mentioned, “We have restructured our Battlefield team to better focus on meeting the needs of our community.”
“Battlefield remains a key priority for us, and we are committed to investing in the franchise based on player feedback and insights from Battlefield Labs,” the statement continued.
Last September, a group of investors, including Saudi Arabia’s Public Investment Fund (PIF), Silver Lake Capital, and Affinity Partners, revealed their intention to acquire EA in a $55 billion deal.
In December, EA shareholders approved the acquisition, and once finalized, PIF is expected to own more than 93.4% of EA.
Prior to this, US lawmakers urged the Federal Trade Commission to conduct a comprehensive review of the deal, expressing concerns about its potential negative impact on employees.