Apex Legends is one of the biggest battle royale games on the planet — free to play, fiercely competitive, and home to tens of millions of active players across PC, PlayStation, Xbox, and Nintendo Switch.
But the ownership story behind Apex Legends just changed dramatically. On August 4, 2026, the company that publishes Apex Legends was taken private in the largest leveraged buyout in human history — a $55 billion deal that handed control of the game to Saudi Arabia’s sovereign wealth fund. Here is the complete, verified ownership story of Apex Legends as it stands today.
What Is Apex Legends?
Apex Legends is a free-to-play battle royale hero shooter game that launched on February 4, 2019, developed by Respawn Entertainment and published by Electronic Arts (EA).
Set in the Titanfall universe, the game drops squads of players onto a shrinking map where they battle to be the last team standing. It generated approximately $2.5–3 billion in lifetime revenue through 2025, making it one of the most commercially powerful live-service games ever made.
The game runs on Respawn’s proprietary modified version of the Valve Source Engine, significantly rebuilt and expanded over six years of active development. Its competitive ranked mode, seasonal content drops, and rotating limited-time events have kept a massive global player base engaged since launch.
Who Owns Apex Legends Right Now in 2026?
Here is the full ownership chain as of September 2026:
Apex Legends was developed by Respawn Entertainment and is published by Electronic Arts (EA). Following the $55 billion acquisition that closed on August 4, 2026, Electronic Arts is no longer a publicly traded company. It is now a wholly owned private subsidiary of a three-member investor consortium.
That consortium is led by Saudi Arabia’s Public Investment Fund (PIF), which holds approximately 93.4% of the buying group. Silver Lake, a leading American private equity firm, holds 5.5%, and Affinity Partners — the investment firm led by Jared Kushner — holds 1.1%.
In simple terms: Apex Legends → owned by Respawn Entertainment → owned by Electronic Arts → owned by PIF / Silver Lake / Affinity Partners consortium.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Saudi Arabia’s Public Investment Fund (PIF) | Controlling Owner of EA | ~93.4% of buying consortium | Sovereign wealth fund; deal closed August 4, 2026 |
| Silver Lake Group | Co-Owner of EA | ~5.5% of buying consortium | Major US private equity firm; co-led the $55B LBO |
| Affinity Partners (Jared Kushner) | Co-Owner of EA | ~1.1% of buying consortium | Investment firm led by Jared Kushner |
| Electronic Arts (EA) | Publisher & IP Owner | 100% of Apex Legends IP | Now a private company; delisted from Nasdaq August 4, 2026 |
| Respawn Entertainment | Developer | Wholly owned EA studio | Acquired by EA in December 2017 for ~$151M in cash + equity |
| Andrew Wilson | CEO of Electronic Arts | Senior executive | Remains as EA Chairman and CEO under new ownership |
| Vince Zampella | Head of Respawn & EA Group GM | Management role | Co-founded Respawn in 2010; oversees Apex Legends development |
| JPMorgan Chase | Debt Financier | No equity | Arranged ~$20 billion in acquisition debt to fund the LBO |
The Origin Story: Respawn, Titanfall, and a Secret Project
Respawn Entertainment was founded in 2010 by Jason West and Vince Zampella — two veterans who had previously co-created the Call of Duty franchise at Infinity Ward before a dramatic public falling-out with Activision.
They built Respawn as an independent studio and launched the Titanfall series, which introduced the futuristic universe that Apex Legends would later inhabit.
Electronic Arts acquired Respawn Entertainment in December 2017 for approximately $151 million in cash plus additional equity payments tied to game performance. At the time of the acquisition, Respawn was working on Titanfall 3.
Instead, the team quietly pivoted to a battle royale project — a genre that had exploded in popularity following the success of PUBG and Fortnite. That project became Apex Legends, which launched on February 4, 2019, without any pre-release marketing — a bold and highly unusual decision that paid off spectacularly when the game attracted 25 million players in its first week.
The $55 Billion Deal: The Largest Leveraged Buyout in History
The single biggest event in the ownership history of Apex Legends happened on August 4, 2026 — and it was not about the game itself. It was about the company that owns it.
On September 29, 2025, Electronic Arts announced a definitive agreement to be acquired by a consortium comprising Saudi Arabia’s Public Investment Fund (PIF), Silver Lake Group, and Affinity Partners, in an all-cash transaction valuing EA at an enterprise value of approximately $55 billion. Shareholders received $210 in cash per share — a 25% premium over the pre-announcement price.
The deal closed on August 4, 2026. EA’s stock stopped trading. The company was delisted from Nasdaq — where it had been listed since 1989 — and became a wholly owned private company.
The transaction was funded through approximately $36 billion in equity from the consortium and $20 billion in acquisition debt arranged by JPMorgan Chase, making it the largest leveraged buyout ever recorded — surpassing all previous records in corporate history.
PIF — which had already held a 9.9% stake in EA before the deal — rolled that existing position into the dramatically larger post-close ownership.
The acquisition is a direct part of Saudi Arabia’s broader strategy to diversify its economy away from oil by investing aggressively in global entertainment and gaming industries.
Who Is Saudi Arabia’s Public Investment Fund (PIF)?
PIF is Saudi Arabia’s sovereign wealth fund — a government-owned investment vehicle that manages the kingdom’s financial assets and drives its economic diversification strategy. With an estimated $700 billion+ in assets under management, PIF is one of the largest sovereign wealth funds in the world.
In gaming specifically, PIF’s Savvy Games Group has assembled minority stakes in Activision Blizzard, Take-Two Interactive, Capcom, and Nintendo, among others.
The EA acquisition — where PIF took full controlling ownership rather than a minority stake — represents a fundamental escalation of that gaming investment strategy. Now, through EA, PIF directly controls Apex Legends, EA Sports FC, Battlefield, The Sims, Madden NFL, and the entire EA game catalog.
PIF also funds the Esports Foundation, which runs the Esports World Cup — and Apex Legends was actively featured at the Esports World Cup in Paris in August 2026, the same month the acquisition closed.
Saudi Arabia now owns one of the most-played esports titles in the world and runs one of the biggest esports tournaments in the world. That is not a coincidence.
What Does This Mean for Apex Legends Players?
The question every Apex Legends player is asking is simple: does any of this change the game itself? The answer is: not immediately, but potentially over time.
Respawn Entertainment remains the development studio responsible for Apex Legends, with Vince Zampella still leading the team.
Andrew Wilson continues as CEO of Electronic Arts. The game continues to receive seasonal updates and content drops on its regular schedule. No studios have been closed and no games have been cancelled as a direct result of the acquisition.
However, the deal loaded approximately $18–20 billion in new debt onto EA’s balance sheet. That debt requires servicing — meaning EA needs to generate significant cash flow to make interest payments.
Live-service games like Apex Legends, which generate recurring revenue through cosmetics and battle passes, are exactly the kind of assets that PE-influenced ownership will pressure to maximize monetization. Whether that means more aggressive in-game spending mechanics or new revenue strategies remains to be seen.
Frequently Asked Questions (FAQs)
Q1. Who owns Apex Legends in 2026?
Apex Legends is owned by Electronic Arts (EA), which is now privately controlled by a consortium led by Saudi Arabia’s Public Investment Fund (PIF) holding 93.4%, alongside Silver Lake (5.5%) and Affinity Partners (1.1%).
Q2. Who developed Apex Legends?
Apex Legends was developed by Respawn Entertainment, an EA-owned studio founded in 2010 by Vince Zampella and Jason West, and published by Electronic Arts.
Q3. When did Saudi Arabia take control of EA and Apex Legends?
Saudi Arabia’s PIF completed its $55 billion acquisition of Electronic Arts on August 4, 2026, making EA — and all its games including Apex Legends — a private Saudi-controlled company.
Q4. How much did EA’s $55B acquisition cost?
The deal was valued at $55 billion in enterprise value — the largest leveraged buyout in history — with shareholders paid $210 per share in cash and roughly $20 billion in acquisition debt arranged by JPMorgan Chase.
Q5. Is EA still a public company after the acquisition?
No. EA was delisted from the Nasdaq on August 4, 2026, and is now a wholly private company owned by the PIF/Silver Lake/Affinity Partners consortium.
Q6. Who is the CEO of EA after the Saudi acquisition?
Andrew Wilson continues as Chairman and CEO of Electronic Arts under the new private ownership structure.
Q7. When did EA buy Respawn Entertainment?
EA acquired Respawn Entertainment in December 2017 for approximately $151 million in cash plus additional equity payments — two years before Apex Legends launched.
Q8. Will the ownership change affect Apex Legends gameplay?
There are no immediate gameplay changes — Respawn remains the developer. However, EA’s new $18–20 billion debt load may influence future monetization decisions in Apex Legends over the coming years.
Apex Legends is developed by Respawn Entertainment and published by Electronic Arts — and as of August 4, 2026, Electronic Arts is owned by a private consortium led by Saudi Arabia’s Public Investment Fund (PIF) with approximately 93.4% control, alongside Silver Lake (5.5%) and Jared Kushner’s Affinity Partners (1.1%).
The $55 billion deal that closed on that date was the largest leveraged buyout in history — bigger than any corporate acquisition ever done through debt financing.
From a $151 million studio acquisition in 2017 to the centerpiece of a $55 billion Saudi-backed gaming empire in 2026 — Apex Legends is no longer just a game. It is a strategic asset in one of the most ambitious sovereign wealth fund investments ever made.
