EA taken private in $55bn deal

BY Richard Summerfield

Videogame giant Electronic Arts (EA) has agreed to be taken private in a $55bn leveraged buyout (LBO) by a consortium consisting of private equity firm Silver Lake, Saudi Arabia's Public Investment Fund and Jared Kushner’s Affinity Partners.

Under the terms of the agreement, the consortium will acquire 100 percent of EA, with PIF rolling over its existing 9.9 percent stake in the company. EA stockholders will receive $210 per share in cash. The purchase price represents a 25 percent premium to EA’s unaffected share price of $168.32 at market close on 25 September 2025, the last fully unaffected trading day, and a premium to EA’s unaffected all-time high of $179.01 at market close on 14 August 2025.

The deal is expected to close in the first quarter of fiscal year 2027, subject to regulatory approval. Upon completion, the deal for EA will be the biggest LBO in history and will bring an end to EA’s 36-years as a publicly traded company.

“Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic IP, and created significant value for our business,” said Andrew Wilson, chairman & chief executive of EA. “This moment is a powerful recognition of their remarkable work. Looking ahead, we will continue to push the boundaries of entertainment, sports, and technology, unlocking new opportunities. Together with our partners, we will create transformative experiences to inspire generations to come. I am more energized than ever about the future we are building.”

“PIF is uniquely positioned in the global gaming and esports sectors, building and supporting ecosystems that connect fans, developers, and IP creators,” said Turqi Alnowaiser, deputy governor and head of international investments at PIF. “PIF has demonstrated a strong commitment to these sectors, and this partnership will help further drive EA’s long-term growth, while fueling innovation within the industry on a global scale.”

“This investment embodies Silver Lake’s mission to partner with exceptional management teams at the highest quality companies,” said Egon Durban, co-chief executive and managing partner of Silver Lake. “EA is a special company: a global leader in interactive entertainment, anchored by its premier sports franchise, with accelerating revenue growth and strong and scaling free cash flow. We are honored to invest and partner with Andrew – an extraordinary CEO who has doubled revenue, nearly tripled EBITDA, and driven a fivefold increase in market cap during his tenure. The future for EA is bright, we are going to invest heavily to grow the business and we are excited to support Andrew and the EA team as the company accelerates innovation, expands its reach worldwide, and continues to deliver incredible experiences to players and fans across generations.”

“Electronic Arts ​is ​an ​extraordinary ​company with a ​world-class ​management ​team and a bold vision ​for ​the ​future,” said ​ Jared Kushner, chief executive of Affinity Partners. “I have admired their ​ability to create iconic, lasting experiences, ​and ​as ​someone ​who ​grew up playing their ​games ​- and now enjoys them with his ​kids - I couldn’t be ​more ​excited about ​what’s ​ahead.”

“The Board carefully evaluated this opportunity and concluded it delivers compelling value for stockholders and is in the best interests of all stakeholders,” said Luis A. Ubiñas, lead independent director of EA’s board of directors. “We are pleased that this transaction delivers immediate and certain cash value to our stockholders while strengthening EA’s ability to continue building the communities and experiences that define the future of entertainment.”

EA, which was founded in 1982, has a broad portfolio of well-known hit games, ranging from its Madden and EA Sports FC franchises to first person shooting games, such as the Battlefield series.

News: ‘Battlefield’ maker Electronic Arts to go private in record $55 billion leveraged buyout

TenneT agrees $11.3bn unit sale

BY Richard Summerfield

The Dutch government has agreed to sell 46 percent of its stake in TenneT Holding’s German unit to a consortium of investors for up to $11.3bn.

Under the terms of the deal, the government has agreed to divest its holdings in the unit to three large institutional investors in Europe, APG (investing on behalf of Dutch pension fund ABP), Singapore sovereign wealth fund GIC and Norges Bank Investment Management (NBIM). The three parties will eventually acquire approximately 46 percent of the shares in TenneT Germany.

According to a statement announcing the deal, the transaction gives TenneT Germany an enterprise value of approximately €40bn on a cash and debt free basis, implying an enterprise value to regulatory asset base multiple of 1.09, and a pre-money equity value of €10.4bn as of 31 December 2025.

TenneT Germany manages a large part of the German onshore and offshore electricity grid. The company is a subsidiary of TenneT Holding, which is wholly owned by the Dutch state. As a result of an extensive investment agenda for the energy transition, TenneT Germany has a large equity need. To meet this need, the German government decided in 2024 to allow private investors to participate. The Dutch state will, via TenneT Holding, remain the largest shareholder in the German unit once the deal has completed.

“We are truly pleased to have achieved a structural solution for TenneT Germany’s equity need and I eagerly look forward to partnering with these highly reputable investors,” said Manon van Beek, chief executive of TenneT Holding. “With this financing solution, TenneT remains Europe’s leading crossborder TSO, a key player in system integration, offshore wind connections and market innovation. This announcement marks the end of an intense period during which we have separated our Dutch and German operations within the group, implemented a new funding structure for TenneT Netherlands and secured equity funding for TenneT Germany. I am proud of all my colleagues and our close collaboration with the Dutch Ministry of Finance throughout the process. We will continue our full focus on securing access to reliable, sustainable and affordable electricity supply.”

“This investment serves multiple strategic goals,” said Ronald Wuijster, chief executive of APG Asset Management. “By acquiring a stake in TenneT Germany – a stable, regulated infrastructure asset in an AAA-rated country – we secure a relatively low-risk investment with stable long-term cashflows for our client ABP and our partners. Additionally, it is an impact investment which supports Sustainable Development Goal 7 (Affordable and Clean Energy) and strengthens Europe’s infrastructure autonomy. This shows our expertise in large-scale infrastructure deals and our commitment towards helping our clients and partners reach their goals.”

“GIC is excited to be a part of the next phase of TenneT Germany’s growth,” said Boon Chin Hau, chief investment officer, infrastructure at GIC. “We look forward to partnering with NBIM, APG, TenneT Holding and TenneT Germany to ensure TenneT Germany remains a leading transmission system operator. As a long-term investor, GIC is confident that with Germany’s collaborative and transparent approach to regulation, TenneT Germany will continue to play an important role in Europe’s continued, strong push towards decarbonization.”

“This investment demonstrates our commitment to financing the energy transition,” said Harald von Heyden, global head of energy & infrastructure at NBIM. “We are excited to partner with TenneT Holding, APG and GIC to support the growth of TenneT Germany. TenneT Germany’s transmission grid is essential for delivering renewable energy where it’s needed in Europe’s largest economy.”

News: Dutch government sells nearly half of TenneT Germany for $11.3 billion

Roche to acquire 89bio in $3.5bn transaction

BY Fraser Tennant

In a deal that enhances its portfolio in cardiovascular, renal and metabolic diseases (CVRM), Swiss biopharmaceutical and diagnostic company Roche is to acquire UD drugmaker 89bio for $3.5bn.

Under the terms of the definitive agreement, Roche will acquire all of the outstanding shares of 89bio common stock at a price of $14.50 per share in cash at closing, plus a non-tradeable contingent value right to receive certain milestone payments of up to an aggregate of $6.00 per share in cash.

The combination underscores Roche’s dedication to advancing innovative therapies in CVRM diseases, especially for patients affected by overweight, obesity and related health challenges such as moderate to severe metabolic dysfunction-associated steatohepatitis (MASH).

In acquiring 89bio, including its lead CVRM treatment pegozafermin, Roche is fostering its activities to build a robust and differentiated pipeline that targets additional causes of metabolic disease.

“This acquisition further strengthens our portfolio in cardiovascular, renal and metabolic diseases and offers opportunities to explore combinations with existing programmes in our pipeline,” said Thomas Schinecker, chief executive of the Roche Group. “We are highly encouraged by pegozafermin’s potential to become a transformative treatment option in MASH, one of the most prevalent comorbidities of obesity, and to meet diverse patient needs associated with this complex disease.”

The merger agreement has been unanimously approved by the boards of directors of Roche and 89bio.

“Our mission at 89bio has always been to develop innovative therapies to help patients with serious liver and cardiometabolic diseases,” said Rohan Palekar, chief executive of 89bio. “We are thrilled to be joining with Roche to combine the promise of pegozafermin with Roche’s established global development, manufacturing and commercialisation capabilities, to accelerate and maximise potential benefit for patients in need and unlock significant shareholder value.”

The transaction is expected to close in the fourth quarter of 2025. It is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of 89bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Boris L. Zaïtra, head of corporate business development at Roche, concluded: “We are excited about this agreement and to further develop this promising therapy, which we hope will provide people with moderate to severe MASH a new treatment option.”

News: Roche to acquire liver drug developer 89bio for up to $3.5 billion

PNC agrees $4.1bn FirstBank deal

BY Richard Summerfield

American financial services firm PNC Financial Services has agreed to acquire its smaller rival FirstBank Holding in a $4.1bn cash-and-stock deal.

Under the terms of the deal, FirstBank stockholders will be entitled to elect to receive the merger consideration in PNC common stock or in cash, subject to certain limitations. The aggregate consideration is comprised of a fixed number of approximately 13.9 million shares of PNC common stock and $1.2bn in cash and implies a transaction value of $4.1bn.

The boards of directors of both PNC and FirstBank Holding Company have approved the transaction, which is expected to close in early 2026, subject to receipt of all required approvals and other customary closing conditions. Following the closing, FirstBank will be merged into PNC Bank, N.A. when PNC is prepared to convert FirstBank customers to the PNC platform, with FirstBank branches assuming the PNC Bank name.

“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees,” said William S. Demchak, chairman and chief executive of PNC. “Its deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC.”

“For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees,” said Kevin Classen, chief executive of FirstBank. “In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.”

Upon completion, PNC plans to retain all of FirstBank’s branches and FirstBank’s customer-facing branch teams, ensuring continuity for customers, employees and the communities FirstBank serves.

FirstBank, which began offering banking services in 1963, manages $26.8bn in assets and operates 95 branches. The deal will bring PNC closer to $600bn in assets. PNC was formed in 1983 from the merger of Pittsburgh National Corporation and Provident National Corporation. It has $559bn in assets and operates about 2300 branches providing a mix of consumer and commercial banking services. It is smaller than the country’s four biggest banks – Chase, Bank of America, Citigroup and Wells Fargo, but larger than most regional banks, leading some to call it a ‘super-regional’.

News: PNC strengthens Colorado, Arizona presence with $4.1 billion FirstBank deal

Lowe’s announces $8.8bn Foundation Building Materials deal

BY Richard Summerfield

In a deal to expand its footing in the professional builders market, Lowe’s Co has agreed to acquire Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8bn in cash. The transaction value reflects an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 13.4x.

According to a statement announcing the deal, Lowe’s has secured $9bn in fully committed bridge financing from Bank of America, N.A. and Goldman Sachs & Co. LLC. The company expects to finance the acquisition through a combination of short-term and long-term debt and intends to maintain its current credit ratings. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval.

“With this acquisition, we are advancing our multi-year transformation of the Pro offering,” said Marvin R. Ellison, chairman, president and chief executive of Lowe’s. “It allows us to serve the large Pro planned spend within a $250 billion total addressable market and aligns perfectly with our Total Home strategy. FBM’s scalable, multi-trade distribution platform and strong leadership combined with our recent acquisition of ADG will significantly enhance our Pro offering. We’re excited to welcome the FBM team and strengthen our solutions for our growing Pro customers.”

“Joining Lowe’s is an exciting next step,” said Ruben Mendoza, president and chief executive of Foundation Building Materials. “Since 2011, we’ve built a leading position in drywall, ceiling systems, and metal framing, with proven success integrating acquisitions. Together with Lowe’s complementary products and incredible brand, we’ll offer a more comprehensive solution for Pro customers and accelerate growth.”

Foundation Building Materials is a leading North American distributor of interior building products, including drywall, metal framing, ceiling systems, commercial doors and hardware, insulation and complementary products serving large residential and commercial professionals in both new construction and repair and remodel applications. Since 2011, it has grown organically and inorganically to become an industry leader, with a network of over 370 locations in the US and Canada serving 40,000 Pro customers. In 2024, on a pro forma basis, the company generated approximately $6.5bn in revenue and $635m in adjusted EBITDA. It generated approximately 25 percent and 30 percent compound annual growth rate for revenue and adjusted EBITDA, respectively, from 2019 to 2024.

Lowe’s has completed a number of deals aimed at strengthening its offering for professional contractors and builders in recent years. In April, the company acquired Artisan Design for $1.33bn.

In addition to the deal for Foundation Building Materials, Lowe’s also reported its fiscal second-quarter financial results on Wednesday. The company posted an adjusted profit of $4.33 per share. Revenue totalled $23.96bn in the period, which met Wall Street’s expectations. The company has also raised its full-year sales outlook to a range of $84.5bn to $85.5bn.

News: Lowe's to buy Foundation Building Materials for $8.8 billion to boost contractor business