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1/18, 2:27 PM (Source: TeleTrader)
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Microsoft to buy Activision Blizzard for $68.7 billion

Microsoft Corp. announced on Tuesday that it will acquire Activision Blizzard Inc. for $95 per share in an all-cash deal totaling $68.7 billion.

The transaction, which will include Activision Blizzard's net cash, will make Microsoft the third-largest gaming company in the world behind Tencent Holdings Ltd. and Sony Group Corporation when it finalizes. Activision Blizzard CEO Bobby Kotick will remain in his post but will report to Microsoft Gaming CEO Phil Spencer upon the completion of the deal, expected during the fiscal year 2023.

"Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chairman and CEO Satya Nadella said in a statement.

Baha Breaking News (BBN) / MS