Markets
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Max Knoblauch

EA confirms it’s being taken private for $55 billion by Saudi Arabia’s PIF, Silver Lake, and Jared Kushner’s Affinity Partners

Electronic Arts, one of the largest video game makers in the US, confirmed this morning reports from Friday that it will be taken private by a group including Saudi Arabia’s wealth fund, along with private equity firms Silver Lake and Affinity Partners (founded by Jared Kushner).

The deal values EA at $55 billion, $5 billion more than early reports had indicated.

According to EA, the deal will “enable the Company to move faster and unlock new opportunities on a global stage.” It comes in a year that’s seen many large studios — including EA — perform layoffs, scrap games, and close subsidiary studios amid underwhelming sales and ballooning budgets.

EA Announces Agreement to be Acquired by PIF, Silver Lake, and Affinity Partners for $55 Billion

EA Announces Agreement to be Acquired by PIF, Silver Lake, and Affinity Partners for $55 Billion

According to EA, the deal will “enable the Company to move faster and unlock new opportunities on a global stage.” It comes in a year that’s seen many large studios — including EA — perform layoffs, scrap games, and close subsidiary studios amid underwhelming sales and ballooning budgets.

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Assets tied to the riskiest parts of the market and the economy are getting dumped in unison

If you’re looking for things to worry about, this combination of risk appetite souring on thematic, volatile stocks at the same time as companies that are in the business of giving money to less creditworthy companies should probably be near the top of the list.

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Max Knoblauch

Lucid continues its autumn rout, hitting a fresh all-time low following a price target cut by Stifel

It’s been a rough 48 days for luxury EV maker Lucid, which fell to a fresh all-time low on Monday following a price target cut by analysts at Stifel.

Stifel lowered its Lucid price target to $17, from $21, with analyst Stephen Gengaro writing that the company will likely require additional capital over the next few years. According to Stifel’s note, published Monday, Lucid’s production is improving but it’s still in the “prove-it-to-me” stage, and vehicles that could elevate sales volumes are “likely two years away.”

Last week, Lucid announced that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. The company lowered its production outlook and reported negative free cash flow of $955 million in its third quarter.

Since the end of the EV tax credit on September 30 — which Lucid’s pricey vehicles only qualified for through leasing loopholes — its shares are down more than 40%. Zooming out, Lucid’s stock has shed 98% of its value from its 2021 highs amid peak electric vehicle optimism.

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JPMorgan analysts, on the other hand, have a much different view.

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