Unity Software has held recent acquisition discussions with a group that includes private equity firm Silver Lake Partners and Saudi Arabia’s Public Investment Fund, according to an exclusive Reuters report. The parties discussed a valuation of about $25 billion, but no agreement has been reached and a transaction is not guaranteed.
The reported figure was discussed before Unity’s latest earnings lifted the game-engine company’s market capitalization to roughly $21.5 billion. Reuters said Unity is working with an investment bank as it evaluates its options, while the potential structure and terms could still change.
Silver Lake already has a significant connection to Unity. The firm owns about 8% of the company, invested up to $400 million in 2017 and has representation on Unity’s board. That existing relationship does not mean a sale is settled; the discussions remain preliminary.
The reported approach also follows another major gaming transaction involving the same investors. Silver Lake and PIF were members of the group behind Electronic Arts’ $55 billion take-private deal, which was completed earlier in 2026.
Unity’s third-quarter results provide important context for the timing. Revenue rose 32% to $622.1 million, and the company recorded its first quarterly profit under generally accepted accounting principles since going public in 2020.
Would a Silver Lake and PIF takeover be good for Unity’s developers and customers?
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