豪掷290亿美元！沙特几乎“完全买下”EA

Core Viewpoint - Saudi Arabia's Public Investment Fund (PIF) is completing a significant acquisition of Electronic Arts (EA), holding 93.4% of the company, marking one of the largest leveraged buyouts in history, primarily funded by Saudi Arabia itself [1][2]. Group 1: Acquisition Structure - The acquisition consortium will invest $36.4 billion in equity and borrow $20 billion in debt, with PIF needing to contribute approximately $29 billion in new funds to achieve the 93.4% ownership stake [2]. - PIF will transfer its existing EA shares, valued at about $5.2 billion based on the acquisition price, into the new structure, while Silver Lake and Affinity Partners will hold 5.5% and 1.1% of the shares, respectively [2]. - This equity distribution is unusual in leveraged buyouts, as sovereign wealth funds typically act as minority investors, but in this case, PIF is shouldering nearly all financial responsibility [2]. Group 2: Financial Pressure - Despite PIF's substantial resources, it faces financial strain due to numerous domestic commitments, including expensive projects like the futuristic city Neom and new sports venues for the World Cup [3]. - The overall fiscal situation in Saudi Arabia is deteriorating, with the budget deficit expected to rise to 5.3% of GDP, the highest level since the pandemic in 2020 [3]. - The ongoing low oil prices, which are a primary revenue source, are weakening Saudi Arabia's fiscal buffer, despite having significant foreign exchange reserves and projected economic growth of 4% [3]. Group 3: Strategic Implications - This transaction signifies a shift in the role of sovereign wealth funds from passive investors to more active controlling investors, indicating a trend in the private equity market [3]. - For EA, being predominantly owned by a single sovereign investor aligns its future strategy closely with Saudi Arabia's long-term economic vision [3]. - This acquisition reflects Saudi Arabia's ambition to diversify its investments and reduce reliance on oil revenues, following significant investments in sports assets [4].