Microsoft Activision Blizzard Acquisition
Microsoft to acquire Activision Blizzard for $68.7bn
Microsoft has agreed to buy video game maker Activision Blizzard, for around $68.7bn, including net cash, in the biggest deal ever for the company.
CMA blocks Microsoft’s acquisition of Activision Blizzard in UK
The Competition and Markets Authority (CMA) in the UK has blocked Microsoft's $68.7bn (£55bn) deal to acquire video game maker Activision Blizzard.
EU approves Microsoft’s acquisition of Activision Blizzard
The European Commission—the body overseeing the Microsoft and Activision Blizzard merger—approved the $68.7 billion deal to go forward
Federal judge blocks Microsoft/Activision deal temporarily
A federal judge in the U.S. has issued a temporary restraining order blocking Microsoft's acquisition of Activision, pending hearings on the preliminary injunction being sought by the Federal Trade Commission in the case.
US Federal Judge denies FTC injunction request as Microsoft/Activision deal moves closer
A federal judge in the U.S. has denied the Federal Trade Commission’s motion for a preliminary injunction to stop Microsoft's acquisition of Activision.
CMA extends deadline for Microsoft/Activision probe
The U.K. competition regulator on Friday said it is extending the deadline for its review of Microsoft's acquisition of Activision by six weeks.
Microsoft and Activision extend merger deadline to October
Microsoft and Activision Blizzard have extended the deadline of their proposed merger until 18th October this year.
Microsoft submits amended proposal to CMA over Activision merger
Microsoft has made amendments to its proposed $69bn (£54bn) takeover of Activision Blizzard, in an attempt to win over the UK competition regulator that blocked the deal.
CMA approves Microsoft Activision deal in UK
Microsoft has closed its $75bn acquisition of Activision Blizzard following its clearance by the CMA, ending 21 months of uncertainty over the video games industry’s biggest-ever deal.
Microsoft Launches $3.65 Billion Exchange for Activision Debt
Microsoft has launched an exchange offer for Activision Blizzard’s outstanding debt as part of its acquisition of the company.
Microsoft and Activision Blizzard have extended the deadline of their proposed merger until 18th October this year.
The self-imposed deadline was originally 18th July (yesterday), after which Microsoft would owe Activision Blizzard a $3bn fine.
“Together with @Activision, we are announcing the extension of our merger agreement to 10/18 to provide ample time to work through the final regulatory issues,” Brad Smith, Microsoft’s vice chair and president, said in a Twitter post on Wednesday.
If the companies fail to close by Aug. 29, Microsoft could be asked to pay a breakup fee of $3.5 billion, an increase of $500 million over the previously agreed-upon sum, according to a filing from Activision with the Securities and Exchange Commission. If the deal fails to close by Sept. 15, the breakup fee could increase to $4.5 billion, the filing said.
In addition, according to the filing, if the companies fail to complete their merger and Microsoft is forced to pay the breakup fee, the companies also agreed that beginning on Oct. 18 Microsoft would have to pay Activision “100% of all proceeds or other payments for games” that belong to Activision.
Following a federal judge’s decision last week in the US not to block the acquisition from closing, Microsoft announced a deal with the UK’s Competition and Markets Authority (CMA) to suspend litigation over the merger. The move is intended to give both sides time to reach agreement on how the acquisition might be altered to address competition concerns in that country.
“The recent decision in the U.S. and approvals in 40 countries all validate that the deal is good for competition, players, and the future of gaming,” a company spokesperson said.
“Given global regulatory approvals and the companies’ confidence that CMA now recognizes there are remedies available to meet their concerns in the UK, the Activision Blizzard and Microsoft boards of directors have authorized the companies not to terminate the deal until after October 18. We’re confident in our next steps and that our deal will quickly close.”
In a memo to employees, Activision CEO Bobby Kotick thanked staff for their patience.
“I know many of you have questions about our merger with Microsoft,” Kotick wrote. “I am happy to share that based on our continued confidence in closing our deal, the Activision Blizzard and Microsoft boards have mutually agreed not to terminate the deal until after October 18.”
“This merger is great for players, workers, and our business, and it will create opportunities to compete against companies with large talent pools, strong IP and complete control of their markets. Our merger is cleared to close in over 40 countries already, and we remain confident in resolving any remaining regulatory concerns in the UK.”
