Electronic Arts sold for 55 billion dollars

For around 55 billion dollars, the company Electronic Arts is set to be acquired by investors. The firm, known for the video games "The Sims" and "Battlefield," announced the deal. Afterwards, the company is expected to go private.

Among the buyers are Saudi Arabia's sovereign wealth fund and Jared Kushner, the son-in-law of U.S. President Donald Trump, through his investment firm.

The stock price of the California-based company had already risen by about 15 percent on Friday following initial media reports. The investors are offering shareholders 210 dollars per share.

In the meantime, the video game industry had been struggling after a temporary boom during the COVID-19 pandemic, with declines. As a result, Electronic Arts conducted multiple rounds of layoffs.

LC