Electronic Arts has addressed employee concerns regarding layoffs following its decision to go private in a $55 billion deal, clarifying that there will be no “immediate changes” to its workforce.
As detailed in a filing with the United States Securities and Exchange Commission (spotted by Stephen Totilo), EA stated that employees’ “jobs, team, or daily work” will not change following the announcement.
Another query regarded a change in culture as a result of the deal, which EA said would “remain unchanged.”
“We will continue to be guided by our cultural values of creativity, pioneering, passion, determination, leadership, and teamwork. The consortium is supportive of and committed to investing in our exceptional employees and our strong culture.”
It added: “This consortium understands that EA is uniquely positioned to lead the next era of entertainment. The consortium shares our vision, and its decision to make this historic investment reflects conviction in our strategy.”
As for the implications of the acquisition, EA said it will provide “the ability to move faster and unlock new experiences on a global stage.”
“With a longer investment horizon […] we’ll have greater creative and operational flexibility to drive innovation and build the next generation of entertainment experiences.”
The firm confirmed it expected the “transaction to close in the next six to nine months”, and that there will be “no changes to the executive team as a result” of the acquisition.
On Monday (September 29), EA confirmed it will be entering an agreement to be acquired by a consortium of investors including Saudi Arabia’s Public Investment Fund (PIF), Silver Lake, and Affinity Partners.
The investment group will acquire 100% of EA, with PIF rolling its existing stake in the company.
For a deeper dive into the investors, you can read our explainer here.
As for the industry’s reaction to the buyout news, take a look at the thoughts of analysts and industry leaders here.
Source link
