Electronic Arts has completed a $55 billion transaction to take the video game company private, officially placing the California-based publisher under new ownership.

The deal marks a major change for the company behind well-known franchises including Battlefield and The Sims. EA announced the closing on Tuesday, confirming that the sale had moved from an agreement to a completed transaction.

Electronic Arts is one of the best-known names in the global video game industry. Its new ownership structure follows a deal that values the business at $55 billion and ends its previous status as a publicly traded company.