The big picture: A consortium of investors including American private equity firm Silver Lake Partners and Saudi Arabia’s state-owned Public Investment Fund (PIF) have reportedly approached Unity Software with an offer to acquire the company in a deal valued at around $25 billion. It is believed that Unity is seriously considering the offer and has commissioned an investment bank to provide advice.
According to unnamed insider sources cited by Reuters, the offer was made weeks before Unity released its Q3 earnings report, which revealed a 59% year-over-year increase in strategic revenue and 134% growth in adjusted EBITDA. The report sent the company’s share price up about 4% and its market capitalization to around $21.5 billion.
It is unclear whether the offer will be revised to reflect the new market valuation or whether growth has already been taken into account in the original offer. In any case, Unity has not yet made a decision. The report said no agreement had been reached as of November 6. Neither company has confirmed or denied the report.
– Unity (@unity) November 5, 2026
It’s worth noting that Silver Lake currently owns between 8% and 9% of Unity across multiple investments over the past decade. In 2017, the private equity firm participated in a $400 million funding round when Unity was valued at $2.6 billion. In 2019, Silver Lake was part of a second tender offer to purchase up to $525 million in shares from Unity’s common shareholders at a valuation of $6 billion.
In addition to Unity, Silver Lake also owns shares in other video game companies. In August 2026, a consortium consisting of Silver Lake, PIF and Jared Kushner’s Affinity Partners completed a $55 billion leveraged buyout of gaming giant Electronic Arts, marking one of the most controversial M&A deals in the industry in recent years.
Following the acquisition, the new owners initiated several cost-cutting measures, including the closure of BioWare, the studio behind iconic role-playing games such as Mass Effect, Baldur’s Gate, Neverwinter Nights, Star Wars: Knights of the Old Republic and Jade Empire. The closure brought down the curtain on the next installment in the Mass Effect series, informally known as Mass Effect 5.
