Activision Blizzard shareholders approve $68.7 billion deal for Microsoft

Activision Blizzard said Thursday morning that Activision Blizzard shareholders have approved Microsoft’s takeover bid for Microsoft.

As expected, Activision Blizzard’s press release indicates that more than 98% of Activision Blizzard stockholders voted in favor of the proposed transaction with Microsoft.

“The overwhelming support from our shareholders today confirms our shared belief,” Activision Blizzard CEO Bobby Kotik said in a press release. “We remain committed to being a warm, respectful and inspiring example of people and an inclusive workplace.”

In January, Microsoft announced its intention to acquire Activision Blizzard for $68.7 billion in an all-cash transaction. Toy banner.

If the deal goes through, Microsoft will be the world’s third-largest gaming company by revenue, after Tencent and Sony.

Subject to customary closing conditions and the completion of regulatory review, the proposed transaction is expected to close during Microsoft’s fiscal year ending June 30, 2023.

Of course, that in itself remains a big question mark over whether Microsoft will be able to convince its regulators within the next 12 months.

In February, it was reported that the Federal Trade Commission (FTC) would conduct a review of the planned deal by Microsoft, an agency that has taken a more aggressive stance on mergers in the tech space.

FTC Chair Lina Khan has advocated tougher antitrust scrutiny, especially in mergers between tech companies. He has already sued the FTC for blocking two major conglomerates: Nvidia’s proposed purchase of semiconductor company Arm Ltd. and the arms deal with Lockheed Martin to acquire missile maker Aerojet Rocketdyne. Holdings.

The FTC’s investigation into the Microsoft-Activision deal will focus on the production capabilities of early consoles and PCs, as well as the development and release of subsequent games. Regulators will likely focus on whether Microsoft-owned Activision Blizzard is hurting other game companies by limiting their access to major Activision Blizzard franchises.

In April, four US senates sent a letter to the FTC urging it to carefully consider Microsoft’s proposed takeover bid, warning that Microsoft could reduce liability for Microsoft’s culture of sexual harassment and gender discrimination.