Microsoft & Activision Deal Update
1π DESCRIPTION:
Microsoft and Activision Blizzard have received approvals from 40 countries for the finalization of their deal, but the situation in the UK remains pending. The corporations have confirmed their decision to hold off on the final verdict while aiming to close the transaction globally.
Initially, Microsoft had until 8:59 to complete the deal with Activision Blizzard, failing which a $3 billion penalty would be imposed. However, they both agreed to extend the deadline, and the latest update sets the closing date for October 18.
The recent approval in the United States and the green light from 40 countries affirm that the merger is deemed beneficial for competition, gamers, and the future of gaming.
Taking into account global regulatory approvals and assurances from the Competition and Markets Authority (CMA) that remedies are available to address their concerns in the UK, both Activision Blizzard and Microsoft have authorized the non-termination of the agreement until October 18.
Phil Spencer also commented on the situation, expressing optimism and excitement about the prospect of offering more games to a larger audience worldwide.
Brad Smith confirmed the continuation of cooperation with CMA and announced the extension of the merger agreement until October 18, allowing sufficient time to address remaining regulatory issues. They are committed to honoring all agreements with the relevant authorities and are confident in completing the transaction.
Notably, Microsoft could have officially acquired Activision Blizzard earlier, but the decision to delay the deal was made to finalize the transaction in all major markets. Industry observers believe that CMA should have no trouble reaching an agreement with Microsoft, prompting the decision to change the closure date. The corporation aims to obtain a standard consent from the Competition and Markets Authority to facilitate future acquisitions and receive approval from the UK without complications. Closing the deal without UK's approval could be unfavorably perceived by the UK officials. As part of the updated agreement, Microsoft will now pay $95 per share and face a contractual penalty of $5 billion for termination.
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