Mergers & Acquisitions

Electronic Arts merger closes as Parent puts new debt financing in place

Electronic Arts completed its merger with Oak-Eagle MergerCo on August 4, 2026, becoming a wholly owned subsidiary of Oak-Eagle AcquireCo as Parent’s credit facilities and notes financing supported the transaction.

By Carter Hayes · August 5, 2026

Merger completion changes control of Electronic Arts

Electronic Arts reported that its merger with Oak-Eagle MergerCo closed on August 4, 2026. Oak-Eagle MergerCo merged into Electronic Arts, with Electronic Arts continuing as the surviving corporation and becoming a wholly owned subsidiary of Oak-Eagle AcquireCo.

Oak-Eagle AcquireCo and Oak-Eagle MergerCo were formed by an investor consortium comprising The Public Investment Fund, private investment funds affiliated with Silver Lake Group and private investment funds affiliated with Affinity Partners. The filing states that total consideration payable in connection with the merger was approximately $55 billion, with funds coming from equity and debt financing.

Subject to specified exceptions, each outstanding Electronic Arts common share was cancelled and exchanged for the right to receive $210 in cash per share, without interest. Vested stock options and certain restricted stock units were converted under the merger agreement, while unvested restricted stock units became restricted cash awards under continuing terms and conditions described in the filing.

Parent enters into new credit facilities

On the closing date, Parent entered into a credit agreement providing for a first-lien term loan B facility with a $6,125.0 million tranche and a €1,725.0 million tranche. The agreement also provides for a $3,250.0 million first-lien term loan A facility and a first-lien revolving credit facility with $500.0 million of commitments.

Certain material domestic restricted subsidiaries of Parent, including Electronic Arts subject to stated exclusions and exceptions, guarantee the obligations under the credit agreement. The obligations are secured by substantially all assets of Parent and the guarantors, also subject to stated exclusions and exceptions.

Notes proceeds and guarantees accompany the transaction

Parent closed a private offering of new notes on April 8, 2026. The offering included $2,875.0 million of 7.250% senior secured notes due 2033, €1,080.0 million of 6.250% senior secured notes due 2033 and $2,500.0 million of 8.750% senior notes due 2034.

According to the filing, net proceeds from the notes offering, credit-facility borrowings, equity contributions from funds affiliated with the consortium and cash on hand were used for merger consideration, actions involving Electronic Arts’ existing indebtedness, and related premiums, fees and expenses.

At the merger closing, Parent and the guarantors, including Electronic Arts, entered into supplemental indentures under which the guarantors guaranteed the secured notes on a senior secured basis and the unsecured notes on a senior unsecured basis. Interest accrues from April 8, 2026 and is payable semiannually beginning January 1, 2027.

Prior revolving facility ends and Nasdaq delisting is requested

Concurrently with the merger closing, Electronic Arts terminated all revolving credit commitments under its March 22, 2023 credit agreement. The company reported that the facility was undrawn immediately before termination.

Electronic Arts notified Nasdaq that the merger had been completed and requested that Nasdaq suspend trading in its common stock before the opening of trading on August 5, 2026. Trading had been halted after the close of trading on the August 4 closing date.

The company also requested that Nasdaq file a Form 25 with the SEC to delist its common stock and deregister the shares under Section 12(b) of the Exchange Act. Following effectiveness of the Form 25, Electronic Arts intends to file a Form 15 seeking termination of registration under Section 12(g) and suspension of related reporting obligations.