Activision Blizzard has announced that shareholders have officially approved the acquisition by Microsoft which is reported to be worth $70 billion.
In January 2022, Microsoft shocked the gaming world with the announcement that they are planning to acquire Activision Blizzard, the publisher behind the world-famous Call of Duty and World of Warcraft series.
Now, almost four months since the announcement, Activision Blizzard has confirmed that more than 98% of shareholders have voted in favor of the purchase from Microsoft, as the tech giant continues to expand its gaming umbrella.
Activision Blizzard shareholders approve acquisition
Despite the proposed transaction being expected to close in June next year, in an April 28 announcement, it was revealed that the majority voted in favor of the acquisition during a Special Meeting of Stockholders held earlier in the day.
“Today’s overwhelmingly supportive vote by our stockholders confirms our shared belief that, combined with Microsoft, we will be even better positioned to create great value for our players, even greater opportunities for our employees, and to continue our focus on becoming an inspiring example of a welcoming, respectful, and inclusive workplace,” said Activision Blizzard CEO Bobby Kotick.
Additionally, the shareholders agreed to payouts in the range of millions of dollars for top executives at the company.
If the sale becomes official current CEO Bobby Kotick, who is rumored to be leaving the company after the acquisition, will get upwards of $15 million according to an SEC filing.
The next step in the process for the $70B deal to complete will involve government approvals, including for the buyout to pass inspection by the FTC.
However, it is expected that there will be some pushback from regulatory groups which could ultimately lead to it all collapsing.