Acquisition

Activision Blizzard and Microsoft: the deal on record

Microsoft agreed in January 2022 to buy the listed games publisher Activision Blizzard for USD 95 per share in cash, valuing the deal at USD 68.7 billion. The UK CMA blocked the original deal in April 2023 over cloud gaming, then consented to a restructured deal in October 2023 after Microsoft agreed to transfer cloud streaming rights outside the EEA to Ubisoft. The FTC challenged the deal in the US but lost its bid for a preliminary injunction and dismissed its administrative case in May 2025. Microsoft completed the acquisition on 13 October 2023, according to its 8-K filing.^{1,3,5,2,6,7,8}

Timeline

1. 18 January 2022Microsoft announces an agreement to acquire Activision Blizzard for USD 95 per share in cash.¹
2. 8 December 2022The FTC issues an administrative complaint seeking to block the deal, by a 3 to 1 vote.²
3. 26 April 2023The UK CMA publishes its final report prohibiting the deal over concerns about cloud gaming.³
4. 15 May 2023The European Commission clears the deal subject to ten year cloud streaming licence commitments.⁴
5. 22 August 2023A restructured transaction excluding Activision's non EEA cloud streaming rights is notified to the CMA. Microsoft agreed to transfer those rights to Ubisoft for 15 years, according to The National.^3,5
6. 13 October 2023The CMA consents to the restructured deal. Microsoft completes the acquisition the same day, with each Activision Blizzard share converted into the right to receive USD 95.00 in cash, according to its 8-K.^3,7
7. 7 May 2025The US Court of Appeals for the Ninth Circuit affirms the denial of the FTC's request for a preliminary injunction.⁶
8. 22 May 2025The FTC issues an order dismissing its administrative complaint against the deal.^8,6

Regulatory review

1. 8 December 2022US Federal Trade Commission. Issued an administrative complaint to block the acquisition.²
2. 26 April 2023UK Competition and Markets Authority. Phase 2 prohibition of the original deal.³
3. 15 May 2023European Commission. Cleared subject to commitments, including free cloud streaming licences for EEA consumers and providers for ten years, monitored by a trustee.⁴
4. 13 October 2023UK Competition and Markets Authority. Consent given to the restructured transaction excluding non EEA cloud streaming rights.³
5. 7 May 2025US Court of Appeals for the Ninth Circuit. Affirmed denial of the FTC's preliminary injunction request.⁶
6. 22 May 2025US Federal Trade Commission. Order dismissing the administrative complaint.^8,6

Status now

Operates as part of Microsoft. No US or UK challenge to the deal remains open, according to the sources cited.^8,6,3,7

Sources

1. Microsoft News Center, Microsoft to acquire Activision Blizzard to bring the joy and community of gaming to everyone, across every device (18 January 2022)
2. US Federal Trade Commission, FTC Seeks to Block Microsoft Corp.'s Acquisition of Activision Blizzard, Inc. (8 December 2022)
3. UK Competition and Markets Authority, Microsoft / Activision Blizzard merger inquiry (case page) (20 November 2023)
4. European Commission, Mergers: Commission clears acquisition of Activision Blizzard by Microsoft, subject to conditions (IP/23/2705) (15 May 2023)
5. The National, Activision Blizzard to be bought by Microsoft in $69bn deal as UK regulator gives go-ahead (13 October 2023)
6. Patterson Belknap Webb and Tyler (via JD Supra), Update: FTC Drops In-House Challenge of Microsoft/Activision Deal (May 2025)
7. US Securities and Exchange Commission (EDGAR), Microsoft Corporation Form 8-K, completion of acquisition of Activision Blizzard (Item 2.01) (13 October 2023)
8. US Federal Trade Commission, Microsoft/Activision Blizzard, In the Matter of (case page) (22 May 2025)