Stockholm-based game developer DICE has new owners after a Saudi-led consortium completed its $55 billion takeover of Electronic Arts. The Swedish studio, best known for the Battlefield series, was included in the deal as an EA subsidiary.
The acquisition by Saudi Arabia’s Public Investment Fund, technology investor Silver Lake and Affinity Partners was completed on 4 August 2026. EA has become a private company and its shares will no longer trade on the Nasdaq stock exchange.
DICE gets new owners through EA deal
DICE was not purchased in a separate transaction. Its ultimate ownership changed because the Stockholm studio has been fully owned by Electronic Arts since 2006.
The studio was founded in Sweden in 1992 and created the Battlefield series. It is now part of the wider Battlefield Studios organisation, alongside three other development teams working on the franchise. EA describes DICE as the original developer of Battlefield and says its headquarters remain in Stockholm.
The Swedish Games Industry’s 2025 report, which used company accounts for 2024, listed EA DICE as one of Sweden’s largest game employers, with 730 employees. The figure may not reflect more recent staffing changes.
EA and the new owners have not announced any immediate operational changes, job cuts or closures specifically affecting DICE.
Saudi fund leads new ownership group
Saudi Arabia’s Public Investment Fund, known as PIF, is the leading investor in the consortium. PIF had already owned a 9.9 per cent share of EA before the takeover was announced in September 2025.
The other investors are Silver Lake and Affinity Partners. Affinity was founded and is led by Jared Kushner, the son-in-law of US President Donald Trump.
EA shareholders will receive $210 in cash for every share they owned when the deal closed. This represented a 25 per cent premium compared with EA’s unaffected closing share price on 25 September 2025.
The transaction has been described as the largest private equity-funded takeover in history. EA shareholders approved it in December 2025, while the final regulatory approvals were received before the deal closed.
Andrew Wilson will continue to lead EA as chairman and chief executive.
“Together, we’ll invest boldly, accelerate innovation, and build the next generation of games and experiences,” Wilson said in EA’s announcement.
New owners plan investment in AI
Silver Lake chief executive Egon Durban said the consortium plans to invest heavily in EA’s growth, including the use of artificial intelligence.
Durban said AI could be used to improve both game development and the experience offered to players. EA has not yet announced how these investments will affect individual studios or development projects.
EA reported revenue of approximately $7.5 billion during its 2026 financial year. Its main franchises include Battlefield, The Sims, EA Sports FC, Apex Legends, Dragon Age and Need for Speed.
PIF says gaming and esports are priority sectors in its plans to expand the Saudi economy beyond oil. The fund already holds investments in other gaming and esports businesses.
Debt raises concerns about cost cutting
The acquisition was supported by approximately $36.4 billion in equity commitments and $20 billion in debt financing, according to EA’s documents filed with the US Securities and Exchange Commission.
The debt has led to concerns that EA could face pressure to reduce costs. Games journalist Jason Schreier warned that the financial burden could result in layoffs, stronger monetisation of games and other savings measures. His comments were an assessment of the possible consequences, not a confirmed company plan.
EA has not announced redundancies at DICE as a result of the takeover. The company has only confirmed that it plans to invest in growth, major game franchises, new technology and future player experiences.
