A consortium led by Saudi Arabia’s Public Investment Fund (PIF) and Silver Lake has held talks to acquire US gaming software provider Unity, Reuters reported. The group discussed a valuation of about SAR 93.75bn ($25bn). However, no deal exists yet, and the terms could change.
Driving the news: Sources told Reuters that Silver Lake and PIF approached Unity in recent weeks. Silver Lake already owns about 8% of Unity. Silver Lake first invested up to SAR 1.5bn ($400 million) in the company in 2017. Meanwhile, Unity is working with an investment bank to evaluate its options. The sources stressed that the plan and terms may still shift.
Why it matters: The deal would mark another major gaming bet for both Silver Lake and PIF. Unity would also extend that partnership from games to the tools that build them.
Talks Open at a $25bn Valuation
The buyers discussed the SAR 93.75bn ($25bn) valuation before Unity released its latest earnings. Those results then lifted its market value to roughly SAR 80.6bn ($21.5bn). As a result, the discussed price sits about 16% above Unity’s current valuation. Unity shares also rose about 4% in after-hours trading following the Reuters report.
The earnings explain the investor interest. Unity’s third-quarter revenue climbed 32% to SAR 2.33bn ($622.1 million). Adjusted earnings reached 44 cents (SAR 1.65) per share. Strong growth in advertising and game development helped the company beat Wall Street expectations.
Unity began in Denmark in 2004. Since its stock market debut, the company has expanded beyond its core game engine into advertising technology and 3D software. Developers use its tools to build video games and other 3D applications.
A deal would turn one of the largest providers of these tools into a private company. It would also rank among the biggest debt-funded software acquisitions in recent years.
PIF Builds a Global Gaming Portfolio
The two investors already share a landmark gaming deal. Both joined the consortium that took Electronic Arts (EA), maker of EA Sports FC, private for SAR 206.25bn ($55bn). Affinity Partners also joined the group, which closed the acquisition on 4 August 2026. PIF deputy governor Turqi Alnowaiser said, “Entertainment and sports are key areas of strategic focus for PIF.” He added that PIF had invested in EA for more than five years, which gave the fund a deep understanding of its business.
PIF also channels gaming investments through Savvy Games Group, which it launched in November 2021. Savvy bought Scopely, maker of Monopoly Go!, for SAR 18.38bn ($4.9bn) in 2023. Scopely then added Niantic’s games business, including Pokémon GO, for SAR 13.13bn ($3.5bn) in 2025. Scopely says its games have generated more than SAR 56.25bn ($15bn) in lifetime revenue.
In January 2026, PIF reportedly moved about SAR 45bn ($12bn) of listed gaming shares to Savvy. Those holdings include stakes in Nintendo, Bandai Namco and Take-Two Interactive. Savvy also controls the esports groups ESL and FACEIT. Moreover, Bloomberg reported in September that PIF is weighing a merger of EA and Savvy.
By the numbers:
- SAR 93.75bn ($25bn): valuation the consortium discussed for Unity.
- SAR 80.6bn ($21.5bn): Unity’s market value after its latest results.
- 8%: Silver Lake’s existing stake in Unity.
- 32%: growth in Unity’s third-quarter revenue, to SAR 2.33bn ($622.1 million).
- SAR 206.25bn ($55bn): value of the EA take-private, which closed on 4 August 2026.
- SAR 45bn ($12bn): listed gaming shares PIF reportedly moved to Savvy in January.
- SAR 18.38bn ($4.9bn) and SAR 13.13bn ($3.5bn): Savvy’s Scopely deal and Scopely’s Niantic deal.
- SAR 3.4tn ($900bn+): PIF assets under management at the end of 2025.
- SAR 450bn ($120bn): PIF revenue in 2025, up 9%.
- SAR 63.75bn ($17bn): PIF net profit in 2025, more than double the prior year.
- 5 million: players in Saudi Arabia, one of the region’s largest gaming communities.
PIF’s Wider Global Reach
Gaming forms only one part of PIF’s international strategy. The fund’s assets under management exceeded SAR 3.4tn ($900bn) at the end of 2025. International investments made up 20% of that total, while local investments accounted for 76%. Revenue rose 9% to SAR 450bn ($120bn), and net profit more than doubled to SAR 63.75bn ($17bn).
The results coincide with PIF’s 2026-2030 strategy. That strategy aims to strengthen competitive ecosystems, maximise the value of strategic assets and generate long-term returns. In addition, PIF and the US Export-Import Bank signed a memorandum worth up to SAR 56.25bn ($15bn) to support strategic investments.
The big picture: Gaming now anchors PIF’s push into entertainment and sports. Savvy’s 2022 plan, worth SAR 142.5bn ($38bn), targets 250 gaming companies and 39,000 jobs. Meanwhile, PIF’s Take-Two stake, worth about SAR 11.25bn ($3bn), now sits inside Savvy.
What’s next: For now, no deal exists, and Unity continues to weigh its options with its bank. The EA precedent shows the road ahead. EA shareholders approved that deal in December 2025, and the European Commission cleared it in July 2026. Therefore, any Unity agreement would likely need similar shareholder and regulatory steps.
Meanwhile, investors will watch for a formal offer and for any change in terms. Readers should treat the SAR 93.75bn ($25bn) figure as a discussion price, not an agreed offer. In short, the talks are early, but they underline PIF’s growing global gaming reach.
