NEW YORK, August 8, 2026, 13:11 EDT — U.S. markets have ended trading
- Electronic Arts suspended trading following the August 4 close, with every eligible share exchanged for $210 in cash.
- Initial estimate: The acquisition notes have annual coupon payments of roughly $505 million based on Friday’s exchange rate. Interest on the term loan is not included.
- Players can access Madden NFL 27 three days early starting August 10, with global release set for August 13.
Electronic Arts Inc. NASDAQ:EA exited the public markets this week after a consortium led by PIF, Silver Lake and Affinity Partners finalised its approximately $55 billion acquisition on August 4. EA is now a wholly owned subsidiary.
EA last traded at $209.70, placing it 30 cents, or 0.14%, under the cash offer. The slim gap provided little remaining upside for equity holders.
| Final equity comparison | Reading |
|---|---|
| Cash offered in merger | $210.00 per share |
| Last closing price | $209.70 |
| Outstanding gap | $0.30 |
| Premium difference | 0.14% |
| Last day of trading | August 4 |
| Next week’s status | Delisted; no market quote |
The last public quarter highlighted the operational risk shifted onto purchasers. Net bookings in the first quarter totaled $1.35 billion, falling short of the $1.48 billion analyst forecast by 8.8%. Battlefield 6 user activity also declined following release.
The difference became clearer on Friday. Take-Two Interactive Software Inc. NASDAQ:TTWO posted bookings of $1.39 billion, surpassing the $1.36 billion forecast by 2.2%. Shares rose 6.0% to $246.50. Chief Executive Strauss Zelnick described GTA VI preorders as “unprecedented.” Investors
| Latest first fiscal quarter | EA | Take-Two |
|---|---|---|
| Net bookings | $1.35 billion | $1.39 billion |
| Market expectation | $1.48 billion | $1.36 billion |
| Deviation | -8.8% | +2.2% |
| Yearly comparison | Roughly +4% | -3% |
| Most recent share result | Removed from listing at $209.70 | Rose 6.0% on Friday |
EA reported year-on-year growth from a base of $1.298 billion. Take-Two’s bookings declined even though the results surpassed forecasts. Even so, investors responded favorably to the more straightforward quarterly outcome.
The booking shortfall carries greater weight with leverage in play. Buyers provided $9.375 billion and €1.725 billion in term loans, in addition to a $500 million revolver, and issued three fixed-rate notes. EA acts as guarantor for the facilities, which are backed by nearly all pertinent assets.
| New debt instrument | Principal | Coupon | Estimated annual coupon |
|---|---|---|---|
| Dollar secured notes maturing 2033 | $2.875 billion | 7.25% | $208.4 million |
| Euro secured notes maturing 2033 | €1.080 billion | 6.25% | €67.5 million |
| Dollar unsecured notes maturing 2034 | $2.500 billion | 8.75% | $218.8 million |
| Fixed-note combined | $5.375 billion + €1.080 billion | — | Roughly $505.2 million |
| Individual term loans | $9.375 billion + €1.725 billion | Not included | Not included |
Initial estimate: The $505 million amount reflects the conversion of the euro coupon using Friday’s $1.1561 rate. During fiscal 2026, EA reported $2.553 billion in operating cash flow. Capital expenditures stood at $230 million.
This produces a straightforward cash-flow proxy of $2.323 billion. Fixed-note coupon payments would take up 21.7% of that amount. They are also approximately 9.5 times Electronic Arts’ $53 million cash-interest payment expected for fiscal 2026. Interest on the term loan is not included.
EA’s revenue profile provides partial backing. Live services and other brought in $5.383 billion during the last year, representing roughly 71% of overall revenue. Weaker engagement in Battlefield highlights that maintaining ongoing spending still relies on keeping players.
Chief Executive Andrew Wilson stated that EA is beginning its next chapter “from a position of strength.” On Friday, EA showcased its AI-powered markerless motion capture technology, which leverages high-speed cameras and computer vision to enable a quicker setup compared to standard motion capture methods. SEC
The next commercial trial lands soon. Madden NFL 27’s deluxe early access opens on Monday, August 10, with the worldwide release set for Thursday. EA will not publish a public price to gauge initial demand or flag technical issues early.
The most recent three-month analyst survey had already reached consensus on the deal. The panel included four Hold ratings, with no Buy or Sell recommendations. The average price target stood at $210.
| Firm and analyst | Recommendation | Latest action | Target | Date |
|---|---|---|---|---|
| D.A. Davidson — Wyatt Swanson | Hold | Reaffirmed | — | Aug. 7 |
| BMO Capital Markets — Bank of Montreal (TSE:BMO), Brian Pitz | Hold | Reaffirmed | $210 | Aug. 4 |
| Argus Research — Joseph Bonner | Hold | Lowered | — | May 27 |
| Roth MKM — Eric Handler | Hold | Reaffirmed | $210 | May 13 |
The equity calls are no longer actionable. EA plans to withdraw its share registration and halt public reporting duties. Attention is now likely to move to game engagement, bond outcomes and information provided to lenders.
The Nasdaq Composite climbed 1.3% on Friday, ending up 5.2% for the week. EA did not participate in that last risk-on rally, as its stock had already ceased trading.
Risks: Madden NFL 27 has the potential to exceed expectations, and enhanced production tools may boost efficiency. A further bookings shortfall would trigger a significantly higher fixed claim. EA’s intended deregistration will further cut public visibility.
Former shareholders receive a set amount of $210. For the consortium, the standard has shifted, with bookings growth now needing to exceed the expense of leverage.
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