The acquisition of Activision Blizzard (ATVI) by Microsoft Corporation (MSFT) for $68.7 billion or $95.00 per share in cash.

Expected to close in fiscal year 2023 for a closing value of $68.7 billion. Upon completion of the deal, shareholders of Activision Blizzard will receive $95.00 per share in cash.

Merger Agreement

Activision Blizzard, Inc. Investor Relations

Microsoft Corporation Investor Relations

Termination Fee:

Company Termination Fee (To be paid by Activision Blizzard): $2.27 billion

Parent Termination Fee (To be paid by Microsoft)

i) if termination notice is provided prior to January 18, 2023: $2 billion

ii) if termination notice is provided after January 18, 2023, and prior to April 18, 2023: $2.5 billion

iii) if termination notice is provided at any time after April 18, 2023: $3 billion

Update(s)

January 31, 2022: According to Bloomberg, The U.S. antitrust review of Microsoft Corp's (MSFT) proposed acquisition of Activision Blizzard (ATVI) will be handled by the Federal Trade Commission (FTC).

March 3, 2022: Activision Blizzard (ATVI) and Microsoft (MSFT) each received a request for additional information and documentary material (“Second Request”) from the FTC in connection with the FTC’s review of the transaction. The effect of the Second Request is to extend the waiting period imposed under the HSR Act until the 30th day after substantial compliance by Activision Blizzard and Microsoft with the Second Request, unless the waiting period is terminated earlier by the FTC or as otherwise agreed between the parties and the FTC. Completion of the transaction remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the closing conditions specified in the merger agreement. The parties expect to complete the transaction in Microsoft’s fiscal year ending June 30, 2023.

March 8, 2022: According to The Wall Street Journal, Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard (ATVI) shares in January, days before the videogame maker agreed to be acquired by Microsoft (MSFT).

March 21, 2022: Activision Blizzard (ATVI) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Microsoft Corporation (MSFT), will be held on April 28, 2022.

March 31, 2022: According to The Wall Street Journal, four U.S. senators sent a letter to the Federal Trade Commission citing concern about Microsoft’s (MSFT) proposed acquisition of Activision Blizzard (ATVI), saying the deal could undermine employees’ calls for accountability over alleged misconduct at the videogame company.

April 14, 2022: SOC Investment, an activist shareholder group urged investors to vote against the proposed Activision Blizzard (ATVI) and Microsoft (MSFT) merger during Activision’s upcoming meeting on April 28.

April 28, 2022: Activision Blizzard (ATVI) announced that its stockholders approved Microsoft Corporation’s (MSFT) proposal to acquire Activision Blizzard.

July 6, 2022: Bloomberg reported that the UK competition regulator has opened an investigation into Microsoft’s (MSFT) purchase of Activision Blizzard (ATVI) joining other regulators in scrutinizing the deal.

September 1, 2022: The UK's Competition and Markets Authority said that it's concerned that Microsoft’s (MSFT) anticipated purchase of Activision Blizzard (ATVI) could "substantially lessen competition in gaming consoles, multi-game subscription services, and cloud gaming services (game streaming)."

September 1, 2022: Activision Blizzard (ATVI) CEO Bobby Kotick, sent a letter to all ATVI employees stating that they have entered the second phase of our review in the United Kingdom, and they will continue to fully cooperate with the regulators there, and everywhere approvals are required.

September 8, 2022: The Australian Competition & Consumer Commission delayed its decision on Microsoft's (MSFT) planned purchase of  Activision (ATVI). Activision CEO Bobby Kotick told employees in a letter, that he still expects the deal to close in Microsoft's fiscal year ending in June 2023.

September 15, 2022: According to Reuters, Microsoft's (MSFT) deal to buy Activision Blizzard (ATVI) is expected to face an in-depth UK probe after the software maker did not offer any remedies to assuage competition concerns.

September 22, 2022: Microsoft (MSFT) Chief Executive Officer Satya Nadella said he’s confident the company can gain regulatory approval for its purchase of Activision Blizzard (ATVI)  even in the face of an in-depth regulatory probe in the UK.

September 30, 2022: Microsoft (MSFT) filed its planned $69 billion purchase of Activision (ATVI) with the European antitrust authority. The authority set a provisional deadline of November 8, 2022, to make a decision on the transaction.

September 30, 2022: The Wall Street Journal reported that Frances F. Townsend, the Chief Compliance Officer of Activision Blizzard (ATVI) will be stepping down from her position.

October 4, 2022: The UK's antitrust regulator set a deadline of March 1 to decide on Microsoft's (MSFT) planned $69 billion acquisition of Activision (ATVI).

October 5, 2022: Brazil's antitrust regulator CADE approved Microsoft's (MSFT) takeover of Activision (ATVI).

October 6, 2022: Activision Blizzard (ATVI) announced that Lulu Cheng Meservey will assume a newly created role as Executive Vice President, Corporate Affairs and Chief Communications Officer. She will serve as Activision Blizzard’s public voice at a pivotal time ahead of the impending acquisition by Microsoft.

October 6, 2022: According to Reuters, EU antitrust regulators are asking games developers whether Microsoft (MSFT) will be incentivized to block rivals' access to Activision Blizzard's (ATVI) best-selling games.

October 12, 2022: According to Reuters, Microsoft (MSFT) said Britain's competition regulator had relied on objections from its rival Sony in referring its Activision Blizzard (ATVI) deal to an in-depth inquiry, in particular "misplaced" concerns about 'Call of Duty'.

November 9, 2022: The European Commission has opened an in-depth investigation to assess the proposed acquisition of Activision Blizzard (ATVI) by Microsoft (MSFT) under the EU Merger Regulation.

November 18, 2022: The EU Commission disclosed that it has extended its deadline for a decision on Microsoft's (MSFT) proposed acquisition of Activision Blizzard (ATVI) to 11 April, 2023.

November 23, 2022: According to Reuters, the U.S. Federal Trade Commission (FTC) is likely to file an antitrust lawsuit to block Microsoft's (MSFT) takeover bid for Activision Blizzard (ATVI).

December 4, 2022: According to the New York Post, a rift has emerged at the Federal Trade Commission over Microsoft’s (MSFT) deal to acquire Activision (ATVI) — potentially paving the way for the controversial mega-merger to get approved.

December 7, 2022: Bloomberg reported that Microsoft (MSFT) executives are set to meet with US Federal Trade Commission Chair Lina Khan and other commissioners on Wednesday to make its final case in favor of its deal to buy Activision Blizzard (ATVI).

December 8, 2022: The Wall Street Journal reported that the Federal Trade Commission has sued to block Activision Blizzard's (ATVI) planned acquisition by Microsoft (MSFT).

December 9, 2022: The Wall Street Journal reported that Microsoft (MSFT) had been working for close to a year to calm regulators’ concerns about its acquisition of Activision Blizzard (ATVI), but the Federal Trade Commission’s suit to block the deal raised doubts about the company’s pledge not to shut out rivals.

December 13, 2022: According to Reuters, Microsoft (MSFT) President Brad Smith said that the company had offered to sign a legally-binding consent decree with the U.S. Federal Trade Commission to provide "Call of Duty" games to rivals including Sony and others for a decade.

December 20, 2022: According to Reuters, EU antitrust regulators have asked game developers and distributors if they think Microsoft (MSFT) will block their access to Activision Blizzard's (ATVI) games once it has bought the company. The European Commission said it was opening an in-depth investigation into Microsoft's acquisition of Activision Blizzard on fears that the deal may "significantly reduce competition."

December 22, 2022: According to The Wall Street Journal, Microsoft (MSFT) filed a rebuttal to a Federal Trade Commission lawsuit aimed at blocking the software giant’s purchase of Activision Blizzard (ATVI) saying the deal will not hurt competition in the videogaming industry.

December 29, 2022: The FNE (Fiscalía Nacional Económica) Chile approved in Phase 1 the merger operation consisting of the acquisition of control of Activision Blizzard (ATVI) by Microsoft Corporation (MSFT), after ruling out that it is apt to substantially reduce competition.

December 30, 2022: According to Reuters, a judge has set January 3, 2023, for the first pre-trial hearing in the Biden administration's case against Microsoft (MSFT) over its bid to take over Activision Blizzard (ATVI).

January 5, 2023: The Competition and Markets Authority of UK has updated its timetable for its ongoing, in-depth investigation into Microsoft's (MSFT) proposed acquisition of Activision Blizzard (ATVI). The date for the publishing of the findings from the phase two investigation, which was due on March 1, 2023, has been extended to April 26, 2023.

January 12, 2023: According to Bloomberg, Google (GOOG) and Nvidia (NVDA) have expressed concerns to the FTC about Microsof’s (MSFT) acquisition of Activision Blizzard (ATVI), adding fuel to the government’s case against the $69 billion deal.

January 16, 2023: According to Reuters, Microsoft (MSFT) is likely to receive an EU antitrust warning about its $69 billion bid for Activision Blizzard (ATVI), that could pose another challenge to completing the deal.

January 26, 2023: According to Reuters, Sony's (SONY) gaming chief Jim Ryan met EU antitrust chief Margrethe Vestager on Wednesday to discuss Microsoft's (MSFT) bid for Activision Blizzard (ATVI).

February 2, 2023: The UK's Competition and Markets Authority is expected to release its findings on the purchase of Activision Blizzard (ATVI) by Microsoft Corporation (MSFT) in a week's time.

February 4, 2023: According to The Wall Street Journal, Activision Blizzard (ATVI) agreed to pay $35 million to settle regulatory claims tied to its process for deciding how its disclosures to investors should reflect employee complaints about workplace misconduct.

February 6, 2023: According to a New York Times report, Microsoft's (MSFT) legal team expects the UK's Competition and Markets Authority will oppose its planned purchase of Activision (ATVI).

February 8, 2023: According to The Wall Street Journal, U.K. antitrust regulators said the proposed acquisition of Activision Blizzard (ATVI) by Microsoft (MSFT) would further consolidate what it called Microsoft’s strong position in cloud gaming and said a combination would hurt U.K. gamers, delivering another regulatory hurdle to the deal in a big global gaming marketplace.

February 14, 2023: In a regulatory filing Warren Buffett’s Berkshire Hathaway (BRK.A) disclosed that it reduced its investment in Activision Blizzard (ATVI) in late 2022.

February 14, 2023: According to Reuters, Microsoft (MSFT) will make a last-ditch effort to defend its bid for Activision Blizzard (ATVI) in front of EU and national antitrust officials at a closed hearing on February 21, 2023.

February 21, 2023: According to Reuters, Microsoft (MSFT) President Brad Smith will seek to convince EU antitrust regulators at a closed hearing that its bid for Activision Blizzard (ATVI) will boost competition. Microsoft announced an agreement to bring its games to Nvidia Corp.’s GeForce Now service, part of efforts to show that the industry will remain competitive if it’s allowed to acquire Activision Blizzard.

March 1, 2023: The European Commission has given a short extension to the time it's using to review Microsoft's (MSFT) acquisition of Activision Blizzard (ATVI), adding two weeks to its provision deadline, moving it to April 25, 2023.

March 2, 2023: According to Reuters, Microsoft's (MSFT) offer of licensing deals to rivals is likely to address EU antitrust concerns over its acquisition of Activision Blizzard (ATVI).

March 17, 2023: According to Reuters, Microsoft (MSFT) has offered remedies in an attempt to gain EU antitrust approval for its acquisition of Activision (ATVI).

March 24, 2023: UK’s Competition and Markets Authority (CMA) narrowed its probe of Microsoft’s (MSFT) bid for Activision Blizzard (ATVI), provisionally concluding that the merger “could harm U.K. gamers” through higher prices, fewer choices or less innovation. It updated its position, saying new evidence “provisionally alleviates” concerns in relation to the supply of video game consoles in the U.K.

March 28, 2023: According to Reuters, Japan's antitrust watchdog said it did not expect a merger between Microsoft (MSFT) and Activision Blizzard (ATVI) to stifle competition, helping clear the way for the deal.