9月29日，美国知名游戏公司艺电公司（Electronic Arts，下文简称EA）正式宣布将以约550亿美元（约 合人民币3915亿元）的估值被一个由沙特公共投资基金（PIF）、私募公司Silver Lake及Affinity Partners 组成的财团收购并私有化。 EA预计，这起交易将于下一财年第一季度（2026年6月30日前）完成，收购完成后，EA将退市。公司 同时表示，交易完成后，EA总部及公司领导层保持不变，并继续由安德鲁·威尔逊担任首席执行官。 EA发布的新闻稿原文 关于EA被收购前的股权结构，根据截至2025年初的数据，其股权主要分布在机构投资者和公司内部人 士手中，是非常典型的股权高度分散的上市公司结构。也就是说，在被收购之前，EA是一家完全由公 开市场投资的股东持有的公司，股权分散，没有单一的控股股东——这种结构使得财团能够通过与众多 机构股东达成协议，最终成功收购EA的所有流通股并将其私有化。 在本次收购中，三方股权部分的投资总额约为360亿美元，其中PIF将保留现有的9.9%公司股份。此 外，摩根大通银行承诺将独家全额提供200亿美元的债务融资，其中180亿美元预计在交割时到位。本次 ...

来源：市场资讯 继微软收购动视暴雪后，游戏行业再次迎来巨额交易。 当地时间9月29日，美国游戏巨头艺电公司（Electronic Arts Inc.）公告称，公司已达成最终协议，将由 沙特公共投资基金（PIF）、银湖资本和Affinity Partners组成的投资者财团收购。其中，Affinity Partners 是由特朗普女婿贾里德・库什纳（Jared Kushner）运营的私募股权公司。 该项交易中，艺电的估值高达550亿美元。公告称，"这是史上规模最大的全现金私有化收购交易"。三 家投资者将以大约360亿美元的现金，以及由摩根大通提供的200亿美元债务融资进行收购。 根据协议，艺电现有股东将获得每股210美元的现金，与收购传闻出现前的最后一个交易日（当地时间9 月25日）收盘价168.32美元相比，溢价达25%。 艺电预计于2027财年第一财季（2026年6月30日前）完成上述交易。完成后公司将退市，转为私有企 业。其还表示，未来艺电仍将总部设在加利福尼亚州的红木城（Redwood City），并继续由安德鲁·威 尔逊（Andrew Wilson）担任首席执行官。 安德鲁·威尔逊在收购公告中表示：" ...

继微软收购动视暴雪后，游戏行业再次迎来巨额交易。 当地时间9月29日，美国游戏巨头艺电公司（Electronic Arts Inc.）公告称，公司已达成最终协议，将由沙特公共投资基金（PIF）、银湖资本和 Affinity Partners组成的投资者财团收购。其中，Affinity Partners是由特朗普女婿贾里德・库什纳（Jared Kushner）运营的私募股权公司。 该项交易中，艺电的估值高达550亿美元。公告称，"这是史上规模最大的全现金私有化收购交易"。三家投资者将以大约360亿美元的现金，以及由摩 根大通提供的200亿美元债务融资进行收购。 根据协议，艺电现有股东将获得每股210美元的现金，与收购传闻出现前的最后一个交易日（当地时间9月25日）收盘价168.32美元相比，溢价达 25%。 艺电预计于2027财年第一财季（2026年6月30日前）完成上述交易。完成后公司将退市，转为私有企业。其还表示，未来艺电仍将总部设在加利福尼 亚州的红木城（Redwood City），并继续由安德鲁·威尔逊（Andrew Wilson）担任首席执行官。 安德鲁·威尔逊在收购公告中表示："艺电富有创造力且充满 ...

继微软收购动视暴雪后，游戏产业又迎来一笔巨额交易。 北京时间周一深夜，美国艺电（Electronic Arts）发布公告称， 已经与由沙特公共投资基金 （PIF）、银湖资本和Affinity Partners组成的财团达成最终收购协议，给到公司的估值为550亿美 元。 （来源：公司官网） 公告称这是"史上规模最大的全现金私有化收购交易"，艺电股东将获得每股210美元的现金对 价。与收购传闻出现前的最后一个交易日（9月25日）收盘价相比，溢价达到25%。 截至发稿，艺电周一美股开盘后涨超5%，最新价格为203美元，刷新上市以来的历史新高。上 周五收购消息走漏风声后，公司股价暴涨近15%。 （来源：TradingView） 根据统计， 华尔街此前规模最大的私有化收购，是2007年德州公用事业公司TUX能源的私有化交 易，价值321亿美元 。 艺电预计，交易将在2027财年第一财季（2026年6月30日前）完成，交易完成后公司将退市。 公司同时表示，未来艺电总部仍将位于加利福尼亚州红木城，安德鲁·威尔逊也将继续担任首 席执行官。 据悉，沙特主权基金将保留现有的9.9%公司股份，三方股权部分的投资总额约为360亿美元 ...

继微软"鲸吞"动视暴雪之后，游戏行业再次迎来大手笔收购方案。 9月29日，当地时间周一，世界知名游戏公司艺电公司（Electronic Arts，简称EA）宣布，将接受由沙特 阿拉伯主权财富基金（PIF）、银湖资本和库什纳旗下Affinity Partners组成的投资者财团的收购方案。 该方案给予公司550亿美元的估值。 根据协议，艺电股东将获得每股210美元的现金，较公司未受影响的股价有25%的溢价。交易预计于 2027财年第一季度完成，届时艺电股票将从公开市场退市。现任首席执行官安德鲁·威尔逊将继续执掌 公司。 公告称，若此次交易最终达成，将成为"史上规模最大的全现金私有化收购交易"。 据悉，为了此次收购，三家基金将提供360亿美元的现金，其余约200亿美元将通过向摩根大通银行贷款 的形式进行融资。 安德鲁·威尔逊表示："艺电充满创意和激情的团队为数亿粉丝带来了非凡的体验，打造了世界上最具标 志性的IP，并为我们的业务创造了巨大的价值。这一时刻是对他们卓越工作的有力认可。展望未来，我 们将继续突破娱乐、体育和技术的边界，释放新的机会。" 银湖资本的联合首席执行官兼管理合伙人Egon Durban表示：" ...

Investment Rating - The report maintains a "Buy" rating for Electronic Arts (EA) with a target price of $179.80 [1][11]. Core Insights - EA reported FY26Q1 net revenue of $1.67 billion, exceeding consensus expectations by 7.4% and showing a year-over-year increase of 0.7%. Net bookings reached $1.3 billion, surpassing expectations by 4% and reflecting a year-over-year growth of 2.9% [1]. - The growth is primarily driven by the strong performance of core products, particularly the global football and rugby series, while the decline in "Apex Legends" was less severe than anticipated. Despite increased investment in new game releases leading to a 4.9 percentage point drop in net profit margin to 12%, the company achieved a net profit of $201 million, exceeding expectations by 51.6% [1]. - EA plans to release "Battlefield 6" within FY26 and maintains its full-year guidance unchanged [1]. Summary by Sections Financial Performance - FY26Q1 net bookings were $1.3 billion, higher than the previous guidance of $1.23 billion. Game net bookings were $214 million, up 27.4% year-over-year, driven by the new title "Split Fiction" [1]. - Real-time service net bookings were $1.08 billion, down 0.9% year-over-year, impacted by the performance of "FC" and the rugby series, partially offset by the better-than-expected decline in "Apex Legends" [1]. - Key game series performance: 1. "FC" series net bookings showed single-digit growth year-over-year, with "FC Online" achieving double-digit growth and "FC Mobile" surpassing 50 million installations. 2. Rugby series net bookings maintained positive growth year-over-year, although a decline of 8% is expected in Q2 due to high base effects, with a recovery anticipated in H2. 3. "F1 25" launched in Q1, benefiting from the concurrent F1 movie release, resulting in a 27% year-over-year increase in net bookings [1]. Earnings Forecast and Valuation - The report slightly lowers FY26-28E net revenue estimates by 1%, 0.8%, and 0.8% to $7.19 billion, $8.11 billion, and $8.36 billion, respectively, primarily due to pressure on net bookings from the rugby series [3]. - FY26-28E net profit estimates are also reduced by 4.7%, 2.3%, and 2.6% to $911 million, $1.38 billion, and $1.43 billion, respectively, due to rising promotional costs for "Battlefield 6" [3]. - The valuation is switched to FY27, assigning a PE of 33x, consistent with peer averages, leading to a target price of $179.80, down from a previous estimate of $184.60 [3][11]. Upcoming Releases - The first trailer for "Battlefield 6" was released on July 24, with over 7 million views by July 29. The game is expected to launch within FY26 on PS5, Xbox XJS, and PC, with the highest historical investment in its development [2]. - The core football game "FC 26" is set to release on September 26 across all platforms, including Switch 2, focusing on enhancing player experience with competitive and realistic gameplay modes [2].

Core Viewpoint - The article discusses the mixed reception of the newly released FPS game "界外狂潮" (Outsider), highlighting its innovative card gameplay and unique art style, while also addressing concerns about its appeal to traditional FPS players and its overall market positioning [2][11][18]. Group 1: Game Performance and Reception - "界外狂潮" achieved impressive initial performance with a peak online player count exceeding 110,000 shortly after its release on Steam, maintaining around 90,000 active players [2][3]. - The game has received a "mostly positive" rating on Steam, indicating a favorable reception among players [2][3]. - Analysts predict that "界外狂潮" will contribute approximately 1.8 billion RMB in revenue to NetEase this year, despite delays in its overseas console launch [3][18]. Group 2: Gameplay Mechanics and Design - The game incorporates a unique card system that allows players to draw from over 150 cards during matches, altering the rules and adding unpredictability to gameplay [2][5]. - Critics note that while the card mechanics introduce novelty, they may compromise the fairness of the game, potentially affecting player retention if performance metrics decline in the coming months [8][9]. - The game features a longer time-to-kill (TTK), which may appeal to casual players but could detract from its competitive nature [9][12]. Group 3: Market Trends and Future Outlook - The resurgence of interest in PC gaming, particularly in the FPS genre, is highlighted, with a noted shift from mobile to PC games as developers seek to capture a dedicated player base [18][20]. - The FPS market is projected to grow significantly, with estimates suggesting it will reach approximately $47.34 billion by 2032, reflecting a compound annual growth rate (CAGR) of about 5.60% from 2024 to 2032 [20]. - Industry experts emphasize the importance of continuous innovation in the FPS sector, as major companies like Tencent and NetEase strive to differentiate their offerings in a competitive landscape [21].