Unity Software has held talks to be acquired by a consortium that includes private equity firm Silver Lake Partners and Saudi Arabia's Public Investment Fund (PIF), according to a Reuters exclusive citing two people familiar with the matter.
Silver Lake, which already holds roughly 8% of the game-engine company, and the PIF approached Unity in recent weeks, the sources said. They spoke on condition of anonymity because the discussions are confidential.
Valuation and next steps
The buyer group discussed a valuation of about $25 billion in recent weeks, before Unity's latest earnings report lifted its market capitalisation to around $21.5 billion, the sources said. Unity is working with an investment bank to evaluate its options after the approach.
A deal is not certain, and the proposal — including any terms — could still change, according to the sources. Unity declined to comment. Silver Lake and the PIF did not immediately respond to Reuters' requests for comment. The report was written by Milana Vinn, Akash Sriram and Echo Wang.
Same buyers who took EA private
Silver Lake and the PIF were also part of the consortium that completed the roughly $55 billion take-private of Electronic Arts in August 2026, alongside Affinity Partners. That deal was one of the largest leveraged buyouts in private equity history and a landmark transaction for the games industry.
Unity reported its first GAAP-profitable quarter since its IPO earlier on November 5th, with revenue of $622 million and GAAP net income of $122 million for the three months ended September 30th. Shares closed up nearly 15% on the earnings day and traded higher again after the Reuters report.
