Microsoft completes $69bn takeover of Call of Duty maker Activision Blizzard

Microsoft has completed its $69bn (£56bn) takeover of Call of Duty maker Activision Blizzard in the gaming industry's biggest ever deal.

It comes as Microsoft, which owns the Xbox gaming console, was given the green light for the global deal after UK regulators approved it.

The Competition and Markets Authority said its concerns had been addressed, after it blocked the original bid.

Microsoft's Phil Spencer said securing Activision was "incredible".

Following the announcement of the deal, Activision Blizzard CEO Bobby Kotick confirmed in a letter to staff that he would step down at the end of 2023.

"I have long said that I am fully committed to helping with the transition," he said. "[Phil Spencer and I] both look forward to working together on a smooth integration for our teams and players."

Despite concerns from rivals such as PlayStation-maker Sony, and regulators over competition in the gaming industry, Mr Spencer, who is chief executive of Microsoft Gaming, sought to reassure gamers.

"Whether you play on Xbox, PlayStation, Nintendo, PC or mobile, you are welcome here - and will remain welcome, even if Xbox isn't where you play your favorite franchise," Mr Spencer said in a statement following the takeover.

"Because when everyone plays, we all win. We believe our news today will unlock a world of possibilities for more ways to play."

Under the re-worked deal, Microsoft has handed the rights to distribute Activision's games on consoles and PCs over the cloud to French video game publisher Ubisoft.

But while a concession has been made, Microsoft will now control games such as Call of Duty, World of Warcraft, and Candy Crush that will provide the firm with huge revenues.

The CMA said the revised deal would "preserve competitive prices" in the gaming industry and provide more choice and better services.

But despite approving the takeover, the watchdog criticised Microsoft's conduct over the near-two year battle.

"Businesses and their advisors should be in no doubt that the tactics employed by Microsoft are no way to engage with the CMA," said chief executive Sarah Cardell.

"Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn't work. Dragging out proceedings in this way only wastes time and money."

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