LATEST: When the transaction closes, Microsoft will become the world's third-largest gaming company by revenue.
Microsoft Corp. announced plans on Tuesday to acquire gaming giant Activision Blizzard Inc., the maker of immensely popular franchises including"Call of Duty" and"Warcraft," for $68.7 billion.
The companies jointly announced news of the all-cash deal on Tuesday, which involves tech giant Microsoft purchasing the for some $95 per share. When the transaction closes, Microsoft will become the world's third-largest gaming company by revenue -- behind only Tencent and Sony -- Microsoft said in a statement Tuesday.The deal comes as the gaming industry has become one of the fastest-growing sectors in the entertainment industry, and as Microsoft seeks to accelerate its mobile, PC, console and cloud gaming as well as prepare for the mainstream adaption of the metaverse.
Bobby Kotick will continue to serve as CEO of Activision Blizzard, and once the deal closes, the Activision Blizzard business unit will report to Microsoft Gaming's CEO Phil Spencer."For more than 30 years our incredibly talented teams have created some of the most successful games," Kotick said Tuesday.
The transaction has been approved by the board of directors for both Microsoft and Activision Blizzard, but remains subject to the latter's shareholder approval, the companies said. It is expected to close in fiscal year 2023.
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