The deadline for Microsoft to complete its acquisition of Activision Blizzard has been extended by three months:
Microsoft and Activision Blizzard have agreed to extend the merger agreement deadline to October 18, 2023
. The deadline extension comes after the deal failed to meet its original deadline date of July 18, 2023, due to variousAs the deal wasn't completed by July 18, both parties were technically free to walk away from the merger, and Microsoft would have had to pay Activision Blizzard a break-up fee of $3 billion. Thankfully, Microsoft and Activision Blizzard are committed to seeing the acquisition through.
Regulators in the US and the UK have pushed back hard against the deal, causing significant delays in the acquisition process. Whilethat gave the company permission to close out the merger, the UK's Competition and Markets Authority blocked the deal, which Microsoft later appealed. Now, both Microsoft and the CMA have agreed to put the appeals process on hold] while they try to reach an agreement. The CMA has said it will, so it's possible the deal could potentially close then.
Microsoft president Brad Smith said on Twitter,"Together with Activision, we are announcing the extension of our merger agreement to 10/18 to provide ample time to work through the final regulatory issues. We will honor all commitments agreed upon with the EC and other regulators and continue to work with the CMA on the issues raised in the UK. We are confident about our prospects for getting this deal across the finish line.
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