Oak-Eagle AcquireCo Sets $920.71/$744.06 Tender Offers for Electronic Arts Notes
Oak-Eagle AcquireCo, backed by Public Investment Fund, Silver Lake and Affinity Partners, set tender offers for Electronic Arts’s $750M 1.85% notes due 2031 at $920.71 and $750M 2.95% notes due 2051 at $744.06 per $1,000, plus a $50 early payment. These offers and consents align with the planned merger.
1. Background and Merger Context
Oak-Eagle AcquireCo, Inc., formed by the Public Investment Fund, Silver Lake and Affinity Partners, created a Merger Sub to acquire Electronic Arts under the September 28, 2025 merger agreement. Upon closing, Electronic Arts will become a wholly owned subsidiary of the Offeror.
2. Tender Offer Pricing
The Offeror priced its cash offers for Electronic Arts’s 1.85% senior notes due 2031 at $920.71 and for its 2.95% senior notes due 2051 at $744.06 per $1,000, in each case plus a $50-per-note early tender payment, based on U.S. Treasury benchmark yields and fixed spreads.
3. Consent Solicitation Details
Holders are asked to consent to proposed amendments to the February 2016 indenture, with early tender and withdrawal deadlines at 5:00 PM New York City time on February 24, 2026. Notes validly tendered before that time qualify for the early payment; those tendered thereafter receive the regular consideration.
4. Next Steps and Conditions
The consummation of the tender offers and consent solicitations is conditioned on the closing of the acquisition, with settlement currently expected on March 16, 2026. The Offeror intends to accept all validly tendered notes, subject to customary closing conditions.