A group of investors led by Saudi Arabia’s Public Investment Fund is nearing EU approval for the acquisition of Electronic Arts in a deal valued at $55 billion. The European Commission is expected to greenlight the transaction under foreign subsidies rules by July 30, following a preliminary antitrust review on July 22.

The consortium includes Affinity Partners, founded by Jared Kushner, and Silver Lake. Announced last September, this deal could become the largest leveraged buyout in history. The acquisition aligns with Saudi Arabia’s strategy to diversify its economy beyond oil, focusing on gaming and sports industries.

Both the European Commission and Electronic Arts have declined to comment. The EU’s foreign subsidies regulation aims to prevent unfair competition from externally funded acquisitions within the bloc. Previous deals involving Middle Eastern investors, such as ADNOC’s acquisition of Covestro, have faced lengthy investigations before approval.